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Banco BPI | Report and Accounts 1st half 2015 64

The calculation mode for collective provisions relating to the most important portfolios (Home loans, Companies and Small Businesses) entails partitioning according to the gravity of past or

present indices. In the case of Home Loans, the restructured or renegotiated operations (without delays) are also dealt with separately.

The balance sheet value corresponds to the sum of the book

value of the capital not yet due, the overdue principal, the

overdue interest and the other costs of overdue loans.

Based on the aforesaid partitions, probability curves are built

based on the Kaplan-Meier methodology. Sign of

impairment/arrear probabilities are calculated during an

emergency period of 6 months and for a subsequent transition to

a default situation (delay of 180 days or 90 days, according to

the segments) up until the final maturity. The multiple indication probability curves are built based on the time elapsing since the start of the operations and/or since the remedying of the delay/default. The probabilities diminish the longer the operation runs without incidents and the distance relative to its commencement or the remedying of the previous indication /default increases. Different transition probability curves are also built according to the gravity of the indication and based on the time elapsed since the observation of the sign of impairment. The probability is

marginally less the further the distance increases from the observation of the indication and the longer the operation/customer does not attain the situation of Default.

In case of default, an estimate is made of an economic loss. An analysis is carried out of the payments made by customers after the Default, after deducting the direct costs of the recovery process. These flows are discounted at the rate of interest applicable to the operations and compared (%) with the exposure at the time of the default. Different recovery curves are estimated for operations which are in default for different periods (based on the amount outstanding after t months of the operations/customers which/who remain in default in that month). In the Real Estate Leasing and Home Loan segment, in which the recovery processes are more protracted due to the property foreclosure, the recoveries include an estimate of the recovery via judicial proceedings (execution/repossession of the asset, based on the past records available relating to those situations (probability of recovery via judicial proceedings multiplied by the percentage of the estimated recovery via judicial proceedings).

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Banco BPI, S.A.

Consolidated financial statements as of June 30, 2015 and 2014

85

BANCO BPI, S.A.

CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2015, DECEMBER 31, 2014 PROFORMA AND JANUARY 1, 2014 PROFORMA (Translation of balance sheets originally issued in Portuguese - Note 5)

(Amounts expressed in thousands of Euro)

Dec. 31, 14 Proforma

Jan. 01, 14 Proforma

Notes

Amounts before impairment,

depreciation and amortisation

Impairment, depreciation

and amortisation

Net Net Net Notes Jun. 30, 15Dec. 31, 14

ProformaJan. 01, 14

Proforma

ASSETS LIABILITIESCash and deposits at central banks 4.1 2 012 836 2 012 836 1 894 203 1 372 211 Resources of central banks 4.16 1 520 137 1 561 185 4 140 068Deposits at other credit institutions 4.2 551 646 2 551 644 380 475 469 487 Financial liabilities held for trading 4.17/4.4 332 225 326 785 255 245

Resources of other credit institutions 4.18 1 388 325 1 372 441 1 453 2494.3/4.4 3 513 158 3 513 158 3 017 733 1 317 558 Resources of customers and other debts 4.19 28 255 454 28 134 617 25 630 473

Financial assets available for sale 4.5 7 466 124 113 840 7 352 284 7 525 778 9 624 243 Debt securities 4.20 1 227 358 2 238 074 2 598 455Loans and advances to credit institutions 4.6 1 913 493 1 913 493 2 588 817 1 886 070 Financial liabilities relating to transferred assets 4.21 956 058 1 047 731 1 387 296Loans and advances to customers 4.7 25 289 208 992 099 24 297 109 25 268 969 25 965 133 Hedging derivatives 4.4 237 482 327 219 548 458Held to maturity investments 4.8 22 394 22 394 88 382 136 877 Provisions 4.22 119 741 107 333 124 037Hedging derivatives 4.4 109 121 109 121 148 693 194 043 Technical provisions 4.23 3 961 996 4 151 830 2 689 768Non-current assets held for sale 4.9 11 604 Tax liabilities 4.24 61 934 42 630 57 711Investment properties 4.10 154 777 154 777 154 777 164 949 Contingent convertible subordinated bonds 4.25 920 433Other tangible assets 4.11 709 247 510 793 198 454 204 239 197 337 Other subordinated debt and participating bonds 4.26 69 516 69 521 136 931Intangible assets 4.12 115 583 93 072 22 511 24 883 19 149 Other liabilities 4.27 682 972 720 324 606 612

Total Liabilities 38 813 198 40 099 690 40 548 7364.13 214 560 214 560 212 980 221 992 SHAREHOLDERS' EQUITY

Tax assets 4.14 398 906 398 906 422 531 539 692 Subscribed share capital 4.29 1 293 063 1 293 063 1 190 000Other assets 4.15 704 502 31 535 672 967 684 786 711 671 Other equity instruments 4.30 3 853 5 270 3 414

Revaluation reserves 4.31 ( 77 400) ( 51 143) ( 362 336)Other reserves and retained earnings 4.32 946 826 1 042 087 1 025 154(Treasury shares) 4.30 ( 12 800) ( 13 828) ( 17 090)Consolidated net income of the BPI Group 4.45 76 178 ( 164 558) 67 015Shareholders' equity attributable to the shareholders of BPI 2 229 720 2 110 891 1 906 157Minority interests 4.33 391 296 418 269 365 519Total Shareholders' Equity 2 621 016 2 529 160 2 271 676

Total Assets 43 175 555 1 741 341 41 434 214 42 628 850 42 820 412 Total Liabilities and Shareholders' Equity 41 434 214 42 628 850 42 820 412

OFF BALANCE SHEET ITEMSGuarantees given and other contingent liabilities 4.34 2 101 716 2 168 711 2 106 771Of which: [Guarantees and sureties] [1 723 839] [1 826 825] [1 832 700] [Others] [377 877] [341 886] [274 071]Commitments 4.34 3 407 359 3 355 940 3 020 342

The Accountant The Executive Committee of the Board of Directors

Financial assets held for trading and at fair value through profit or loss

Jun. 30, 15

The accompanying notes form an integral part of these balance sheets.

Investments in associated companies and jointly controlled entities

Banco BPI | Consolidated financial statements| 1st Half 2015 86

(Translation of statements of income originally issued in Portuguese - Note 5)


Interest and similar income 601 784 671 206

Interest and similar expenses ( 289 430) ( 450 502)

Financial margin (narrow sense) 4.35 312 354 220 704

Gross margin on unit links 4.36 5 379 1 993

Income from equity instruments 4.37 3 599 3 365

Net commission relating to amortised cost 4.38 9 886 10 458

Financial margin 331 218 236 520

Technical result of insurance contracts 4.39 19 401 14 880

Commissions received 152 689 149 271

Commissions paid ( 20 815) ( 19 367)

Other income, net 23 527 17 011

Net commission income 4.40 155 401 146 915

Gain and loss on operations at fair value 96 807 72 994

Gain and loss on assets available for sale ( 952) ( 131 092)

Interest and financial gain and loss with pensions ( 472) 834

Net income on financial operations 4.41 95 383 ( 57 264)

Operating income 14 144 16 231

Operating expenses ( 17 297) ( 23 872)

Other taxes ( 11 020) ( 7 811)

Net operating income 4.42 ( 14 173) ( 15 452)

Operating income from banking activity 587 230 325 599

Personnel costs 4.43 ( 189 077) ( 181 286)

General administrative costs 4.44 ( 127 062) ( 121 000)

Depreciation and amortisation 4.11/4.12 ( 17 504) ( 15 027)

Overhead costs ( 333 643) ( 317 313)

Recovery of loans, interest and expenses 7 787 8 478

Impairment losses and provisions for loans and guarantees, net 4.22 ( 86 902) ( 100 062)

Impairment losses and other provisions, net 4.22 ( 16 035) ( 6 319)

Net income before income tax 158 437 ( 89 617)

Income tax 4.45 ( 25 541) 18 580

Earnings of associated companies (equity method) 4.46 12 737 11 385

Global consolidated net income 145 633 ( 59 652)

Income attributable to minority interests 4.33 ( 69 455) ( 49 679)

Consolidated net income of the BPI Group 4.47 76 178 ( 109 331)

Earnings per share (in Euro) Basic 0.053 -0.079 Diluted 0.052 -0.078


The accompanying notes form an integral part of these statements.

CONSOLIDATED STATEMENTS OF INCOME FOR PERIODS ENDED JUNE 30, 2015 AND 2014 PROFORMA

BANCO BPI, S.A.

Jun. 30, 2014 Proforma

Jun. 30, 2015Notes


(Translation of statements originally issued in Portuguese - Note 5)


Consolidated net income 76 178 69 455 145 633 ( 109 331) 49 679 ( 59 652)

Income not included in the consolidated statements of income:

Items that will not be reclassified to net income

Actuarial deviations 105 012 105 012 28 131 28 131

Tax effect ( 30 224) ( 30 224) ( 6 489) ( 6 489)

74 788 74 788 21 642 21 642

Items that may be reclassified subsequently to net income

Foreign exchange translation differences ( 34 628) ( 32 197) ( 66 825) 795 2 093 2 888

Revaluation reserves of financial assets available for sale:

Revaluation of financial assets available for sale 7 740 7 740 214 285 214 285

Tax effect ( 2 748) ( 2 748) ( 63 368) ( 63 368)

Transfer to income resulting from sales 456 456 131 232 131 232

Tax effect ( 155) ( 155) ( 38 582) ( 38 582)

Transfer to income resulting from impairment recognized in the period 4 231 4 231 4 552 4 552

Tax effect ( 1 153) ( 1 153) ( 1 338) ( 1 338)

Valuation of assets of associated companies ( 8 033) ( 8 033) 17 087 17 087

Tax effect 2 324 2 324 ( 5 454) ( 5 454)

( 31 966) ( 32 197) ( 64 163) 259 209 2 093 261 302

Income not included in the consolidated statements of income 42 822 ( 32 197) 10 625 280 851 2 093 282 944

Consolidated comprehensive income 119 000 37 258 156 258 171 520 51 772 223 292



BANCO BPI, S.A.

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFOR PERIODS ENDED JUNE 30, 2015 AND 2014 PROFORMA

Jun. 30, 15 Jun. 30, 14 Proforma

Attributable to shareholders of the BPI

Group

Attributable to minority interests

TotalAttributable to

shareholders of the BPI Group

Attributable to minority interests

Total




Subscribed share capital

Other equity instruments

Revaluation reserves

Other reserves and

retained earnings

Treasury shares

Net incomeMinority Interests

Shareholders' equity

Balance at December 31, 2013 Proforma 1 190 000 3 414 ( 362 336) 1 040 707 ( 17 090) 67 015 365 519 2 287 229Impact of application of IFRIC 21 ( 15 553) ( 15 553)Balance at January 1, 2014 Proforma 1 190 000 3 414 ( 362 336) 1 025 154 ( 17 090) 67 015 365 519 2 271 676Appropriation of net income for 2013 to reserves 67 015 ( 67 015)Exchange operation of subordinated debt and preference shares for shares (OPT) 103 063 12 206 ( 49 365) 65 904Dividends paid on preference shares ( 719) ( 719)Dividends paid to minority interests ( 44 186) ( 44 186)Variable Remuneration Program (RVA) 325 8 704 9 029Sale / purchase of treasury shares ( 2 869) 227 ( 2 642)Comprehensive income for the first half of 2014 Proforma 247 576 33 275 ( 109 331) 51 772 223 292Other ( 16) ( 16)Balance at June 30, 2014 Proforma 1 293 063 3 739 ( 114 760) 1 134 765 ( 8 159) ( 109 331) 323 021 2 522 338Repurchase of subordinated debt and preference shares following the OPT 278 278Dividends paid on preference shares ( 22) ( 22)Variable Remuneration Program (RVA) 1 531 ( 5 669) ( 4 138)Sale / purchase of treasury shares ( 227) ( 227)Comprehensive income for the second half of 2014 Proforma 63 617 ( 92 713) ( 55 227) 95 270 10 947Other ( 16) ( 16)Balance at December 31, 2014 Proforma 1 293 063 5 270 ( 51 143) 1 042 087 ( 13 828) ( 164 558) 418 269 2 529 160Appropriation of net income for 2014 to reserves ( 164 558) 164 558Dividends paid on preference shares ( 24) ( 24)Dividends paid to minority interests ( 64 207) ( 64 207)Variable Remuneration Program (RVA) ( 1 417) 249 1 028 ( 140)Comprehensive income for the first half of 2015 ( 26 257) 69 079 76 178 37 258 156 258Other ( 31) ( 31)Balance at June 30, 2015 1 293 063 3 853 ( 77 400) 946 826 ( 12 800) 76 178 391 296 2 621 016



BANCO BPI, S.A.

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR PERIODS ENDED JUNE 30, 2015 AND 2014 PROFORMA




Jun. 30, 15Jun. 30, 14

ProformaOperating activities

Interest, commissions and similar income received 1 303 204 1 608 038Interest, commissions and similar expenses paid ( 819 045) ( 1 157 303)Recovery of loans and interest in arrears 7 787 8 478Payments to personnel and suppliers ( 293 931) ( 299 118)

Net cash flow from income and expenses 198 015 160 095Decrease (increase) in:

Financial assets held for trading, available for sale and held to maturity ( 194 225) 723 975Loans and advances to credit institutions 669 192 ( 134 000)Loans and advances to customers 833 226 675 380Investment Properties 6 333Other assets 178 153 273 388

Net cash flow from operating assets 1 486 346 1 545 076Increase (decrease) in:

Resources of central banks and other credit institutions ( 9 048) ( 844 432)Resources of customers ( 41 006) 491 308Financial liabilities held for trading 5 440 87 208Other liabilities ( 187 829) ( 254 826)

Net cash flow from operating liabilities ( 232 443) ( 520 742)Contributions to the Pension Funds ( 7 798) ( 5 658)Income tax paid ( 16 891) ( 24 201)

1 427 229 1 154 570Investing activities

Sale of Finangeste – Empresa Financeira de Gestão e Desenvolvimento, S.A. 11 604Subscrition of the increase in share capital of Banco Comercial e de Investimentos, S.A.R.L. ( 12 988)Purchase of other tangible assets and intangible assets ( 28 351) ( 11 676)Sale of other tangible assets 12 64Dividends received and other income 17 329 22 545

( 12 394) 10 933Financing activities

Liability for assets not derecognised ( 91 783) ( 187 781)Redemption of contingent convertible subordinated bonds ( 920 000)Issuance of debt securities and subordinated debt 34 645 188 648Redemption of debt securities ( 1 018 202) ( 428 964)Purchase and sale of own debt securities and subordinated debt ( 10 775) 24 979Purchase and sale of preference shares ( 49 365)Interest on contingent convertible subordinated bonds ( 27 108)Interest on debt securities and subordinated debt ( 38 735) ( 50 508)Exchange operation of subordinated debt and preference shares for shares 103 063Dividends paid on preference shares ( 24) ( 719)Dividends distributed to minority interests ( 44 186)Purchase and sale of treasury shares ( 140) 6 386

( 1 125 014) ( 1 385 555)Net increase (decrease) in cash and equivalents 289 821 ( 220 052)Cash and equivalents at the beginning of the period 2 274 661 1 839 043Cash and equivalents at the end of the period 2 564 482 1 618 991

The Accountant The Executive Committee of the Board of DirectorsAlberto Pitôrra President Fernando Ulrich

Vice-President António DominguesMembers José Pena do Amaral

Manuel Ferreira da SilvaMaria Celeste HagatongPedro BarretoJoão Pedro Oliveira e Costa

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED JUNE 30, 2015 AND 2014 PROFORMA

BANCO BPI, S.A.



Banco BPI, S.A.

Notes to the consolidated financial statements as of June 30, 2015 and 2014

(Unless otherwise indicated, all amounts are expressed in thousands of Euro – t. euro)

(These notes are a translation of notes originally issued in Portuguese – Note 5)

91

Notes to the consolidated financial statements as of June 30, 2015 | Banco BPI | 92

1. THE FINANCIAL GROUP

Banco BPI is the central entity of a multi-specialised financial group dedicated to banking, which provides a broad range of banking

services and products to companies, institutional investors and private individuals. Banco BPI has been listed on the Stock Exchange

since 1986.

The BPI Group started operating in 1981 with the foundation of SPI – Sociedade Portuguesa de Investimentos, S.A.R.L.. By public deed

dated December 1984, SPI – Sociedade Portuguesa de Investimentos, S.A.R.L. changed its corporate name to BPI – Banco Português

de Investimento, S.A., which was the first private investment bank created after the re-opening, in 1984, of the Portuguese banking

sector to private investment. On November 30, 1995 BPI – Banco Português de Investimento, S.A. (BPI Investimentos) was

transformed into BPI - SGPS, S.A., which operated exclusively as the BPI Group’s holding company, and BPI Investimentos was

founded to act as the BPI Group’s investment banking company. On December 20, 2002, BPI SGPS, S.A. incorporated, by merger, the

net assets and operations of Banco BPI and changed its corporate name to Banco BPI, S.A..

At June 30, 2015 the Group’s banking operations were carried out principally through Banco BPI in the commercial banking area and

through BPI Investimentos in the investment banking area. The BPI Group is also the holder of a 50.1% participation in Banco de

Fomento Angola, S.A. which operates as a commercial bank in Angola.

In 2014, due to the entry into force of IFRS 10 - Consolidated Financial Statements, the BPI Group started consolidating in accordance

with the full consolidation method the funds BPI Obrigações Mundiais – Fundo de Investimento Aberto de Obrigações1 , Imofomento -

Fundo de Investimento Imobiliário Aberto1 and BPI Strategies, Ltd., in which it holds 46.5%, 51.2% and 58.4% of the participating units,

respectively. The participation in BPI Obrigações Mundiais is consolidated in accordance with the full consolidation method, although

the BPI Group holds less than 50% of the participating units, given that the BPI Group has control over the related fund management

company and holds more than 20% of the participating units.

In 2014 there was a split-merger operation, which involved the separation of some activities carried out by Banco Português de

Investimento, S.A. for incorporation into Banco BPI, S.A.. Under this operation, which was only an internal reorganization, the BPI

Group maintained form, the following activities now being carried out directly by Banco BPI:

Private Banking,

Reception of deposits and other repayable funds, means of payment and recording and deposit of financial instruments,

Online brokerage, and

Management of financial participations.

In 2014 the investment in Finangeste – Empresa Financeira de Gestão e Desenvolvimento, S.A. was reclassified to the caption Non-

current assets held for sale, as the requirements of IFRS 5 for this classification were met, namely the existence of negotiations to sell

the investment in the short term. The sale was completed in the first half of 2015.

During the first half of 2015 Banco BPI subscribed the amount of 12 988 t. euro to the share capital increase of Banco Comercial de

Investimentos, maintaining its 30% participation in that company.

The vehicles through which the Bank’s loan securitisation operations are carried out are recorded in the consolidated financial

statements in accordance with the BPI Group’s continuing involvement in these operations, based on the percentage held of the equity

piece of the corresponding vehicles.

1 Funds managed by asset management companies controlled by the BPI Group.


At June 30, 2015 the BPI Group was made up of the following companies:

Note: Unless otherwise indicated, all amounts are as of June 30, 2015 (accounting balances before consolidation adjustments). 1 Funds managed by asset management companies controlled by the BPI Group. 2 Share capital is made up of 5 000 ordinary shares of 1 Euro each, and 1 786 000 non-voting preference shares of 1 euro each. Considering the total

share capital of the company, the effective participation of the BPI Group in this company corresponds to 0,28%;

BanksBanco BPI, S.A. Portugal 1 572 097 35 013 879 94 630

Banco Português de Investimento, S.A. Portugal 29 792 39 160 ( 447) 100.00% 100.00% Full consolidation

Banco Comercial e de Investimentos, S.A.R.L. Mozambique 223 361 2 447 825 15 814 30.00% 30.00% Equity method

Banco de Fomento Angola, S.A. Angola 780 546 8 041 871 125 930 50.09% 50.10% Full consolidation

Banco BPI Cayman, Ltd. Cayman Islands 158 015 203 233 3 168 100.00% Full consolidation

Asset management companies and dealersBPI Gestão de Activos - Sociedade Gestora de

Fundos de Investimento Mobiliários, S.A Portugal 13 234 21 958 3 048 100.00% 100.00% Full consolidation

BPI – Global Investment Fund Management

Company, S.A. Luxembourg 1 494 4 771 968 100.00% 100.00% Full consolidation

BPI (Suisse), S.A. Switzerland 17 042 17 858 1 815 100.00% 100.00% Full consolidation

BPI Alternative Fund: Iberian Equities Long/ShortFund (Lux) 1 Luxembourg 270 257 279 324 5 035 28.69% 54.57% Full consolidation

BPI Obrigações Mundiais - Fundo de InvestimentoAberto de Obrigações 1 Portugal 40 365 41 221 221 12.97% 46.49% Full consolidation

BPI Strategies, Ltd 1 Cayman Islands 37 698 38 062 2 304 58.42% 58.42% Full consolidation

Imofomento - Fundo de Investimento ImobiliárioAberto 1 Portugal 157 398 163 595 1 133 34.55% 51.19% Full consolidation

Venture Capital CompaniesBPI Private Equity - Sociedade de Capital de

Risco, S.A. Portugal 34 609 36 349 631 100.00% 100.00% Full consolidation

Inter-Risco – Sociedade de Capital de Risco, S.A. Portugal 719 1 452 ( 329) 49.00% Equity method

Insurance CompaniesBPI Vida e Pensões – Companhia de Seguros, S.A. Portugal 143 486 5 946 540 10 119 100.00% 100.00% Full consolidation

Cosec – Companhia de Seguros de Crédito, S.A. Portugal 55 746 105 595 4 133 50.00% 50.00% Equity method

Companhia de Seguros Allianz Portugal, S.A. Portugal 242 305 1 217 838 14 039 35.00% 35.00% Equity method

OthersBPI Capital Finance Ltd. 2 Cayman Islands 1 809 1 812 22 100.00% 100.00% Full consolidation

BPI Capital Africa (Proprietary) Limited South Africa ( 4 581) 2 262 ( 677) 100.00% Full consolidation

BPI, Inc. U.S.A 756 758 ( 3) 100.00% 100.00% Full consolidation

BPI Locação de Equipamentos, Lda Portugal 1 097 1 103 ( 5) 100.00% 100.00% Full consolidation

BPI Madeira, SGPS, Unipessoal, S.A. Portugal 158 191 165 343 5 348 100.00% 100.00% Full consolidation

BPI Moçambique – Sociedade de Investimento, S.A. Mozambique 735 1 291 ( 296) 98.40% 100.00% Full consolidation

Unicre - Instituição Financeira de Crédito, S.A. Portugal 100 684 340 832 9 090 21.01% 21.01% Equity method

Head OfficeDirect

ParticipationEffective

Participation

Consolidation / Recognition

method

Net Income (loss) for the

periodT otal Assets

Shareholder's Equity


2. BASIS OF PRESENTATION AND MAIN ACCOUNTING POLICIES

A) BASES OF PRESENTATION The consolidated financial statements were prepared from the accounting records of Banco BPI and its subsidiary and associated

companies in conformity with International Accounting Standards/International Financial Reporting Standards (IAS/IFRS), as endorsed

by the European Union in accordance with Regulation (EC) 1606/2002 of July 19 of the European Parliament and Council, incorporated

into Portuguese legislation through Bank of Portugal Notice 1/2005 of February 21.

Adoption of standards (new or revised) issued by the “International Accounting Standards Board” (IASB) and interpretations

issued by the “International Financial Reporting Interpretation Committee” (IFRIC), as endorsed by the European Union. The standards (new or revised) and interpretations applicable to the operations of the BPI Group reflected in the financial statements as

of June 30, 2015, are as follows:

IFRIC 21 – Levies: this interpretation establishes the criteria for recognition of a liability for a levy imposed by a

government (other than income taxes). This interpretation typifies the levies and the obligating events for the

recognition of a levy, clarifying when it should be recognised as a liability. This interpretation is of mandatory

application for years beginning on or after June 17, 2014.

Improvements to international financial reporting standards - 2011-2013 Cycle: this process involved the revision of 4

accounting standards. These amendments are of mandatory application for years beginning on or after January 1,

2015.

Improvements to international financial reporting standards – 2010-2012 Cycle: this process involved the revision of

7 accounting standards. These amendments are of mandatory application for years beginning on or after February 1,

2015.

IAS 19 – Employee Benefits: Defined benefit plans - employee contributions: this standard was amended to clarify

the requirements regarding the way in which contributions from employees relating to services rendered must be

linked to the periods of service. In addition, if the amount of the contributions is independent of the number of years

in which the service is rendered, it allows the contributions to be recognised as a deduction from current service cost

in the period in which the related service is rendered. These amendments are of mandatory application for years

beginning on or after February 1, 2015.

The impact of the implementation of the new requirements of IFRIC 21 is explained in Note 2.1 - Comparability of information.

Application of the other aforementioned standards did not have a significant impact on the accompanying financial statements.


B) MAIN ACCOUNTING POLICIES: The following accounting policies are applicable to the consolidated financial statements of the BPI Group.

2.1. Comparability of information (IFRIC 21) IFRIC 21 – Levies was endorsed by the European Union on June 13, 2014 and is of mandatory application for years beginning on or

after June 17, 2014. The purpose of IFRIC 21 is to provide guidance as to when to recognize a liability for the payment of a levy

imposed by the Government that is recorded in accordance with IAS 37 – Provisions, Contingent Liabilities and Contingent Assets.

IFRIC 21 identifies the obligating event for the recognition of a liability as the activity that triggers the payment of the levy in accordance

with the relevant legislation. As a result of the entry into force of IFRIC 21, and based on the interpretation of current legislation, Banco

BPI changed its accounting policy for the recognition of the following levies:

Extraordinary contribution over the banking sector - Banco BPI believes that the event that gives rise to the obligation to pay

the extraordinary contribution over the banking sector is the activity carried out in the year preceding its payment, which is

June of the following year. Therefore, the corresponding liability related to the extraordinary contribution over the banking

sector as well as its cost, have been recognized on a straight-line basis in the year preceding its payment. Prior to the

application of IFRIC 21, Banco BPI recognized the cost of this contribution on a straight-line basis over the year in which the

respective payment was made;

Periodic contribution to the Deposit Guarantee Fund – Banco BPI believes that the event which gives rise to the obligation to

pay the periodic contribution to the Deposit Guarantee Fund is the receipt of the payment notification for that year. Therefore

the liability for the annual contribution to the Deposit Guarantee Fund as well as its cost, are now fully recognized upon receipt

of the payment notification for that year, usually during the month of April. Prior to the application of IFRIC 21, Banco BPI

recognized the cost of this contribution on a straight-line basis over the year in which the payment was made;

Periodic contribution to the Resolution Fund - Banco BPI believes that the event which gives rise to the obligation to pay the

periodic contribution to the Resolution Fund is the fact of being in operation on the last day of April of the year to which the

periodic contribution refers, in accordance with Article 9 of Decree-Law 24/2013 of February 19. Therefore, the liability relating

to the periodic contribution to the Resolution Fund, as well as its cost, are now being fully recognized in April of the year to

which the contribution refers. Prior to the application of IFRIC 21 Banco BPI recognized the cost of the contribution on a

straight-line basis over the year in which the payment was made.

Retrospective application of the requirements of IFRIC 21, as required by IAS 8, had the following impact:

Consolidated shareholders' equity at

Dec. 31, 13 (including net income

for the year)

Consolidated net income as

of June 30, 2014

Consolidated shareholders' equity at Jun.

30, 14 (including net income for the

half year)

Consolidated net income as

of Dec 31, 2014

Consolidated shareholders' equity at Dec.

31, 14 (including net income for the

year)

Balances as reported (before the retrospective application of the change in accounting policy) 2 287 229 ( 106 615) 2 540 607 ( 163 623) 2 545 648

Impact of application of IFRIC 21

Extraordinary contribution over the banking sector ( 15 553) ( 439) ( 15 992) ( 935) ( 16 488)

Periodic contribution to the Deposit Guarantee Fund ( 1 636) ( 1 636)

Periodic contribution to the Resolution Fund ( 1 330) ( 1 330)

Income tax 689 689

( 15 553) ( 2 716) ( 18 269) ( 935) ( 16 488)

Balances (proforma) 2 271 676 ( 109 331) 2 522 338 ( 164 558) 2 529 160


2.2. Consolidation of subsidiaries and jointly controlled entities and recognition of associated companies (IFRS 10, IFRS 11, IAS 28 and IFRS 3) Banco BPI has direct and indirect participations in subsidiary and associated companies.

Subsidiary companies are entities over which the Bank has control, which is when the following conditions are met, cumulatively:

Power over the company;

Exposure, or rights, to variable returns from its involvement with the company; and

Ability to use this power over the company to affect the amount of the variable returns.

In the case of investment funds managed by BPI Gestão de Activos, it is assumed that there is control whenever the BPI Group has a

participation of more than 20%. In the case of investment funds managed by Inter-Risco, the BPI Group does not consolidate the funds

in which, despite having a participation greater than 20%, it does not have control over the investment decisions.

Associated companies are entities over which Banco BPI has direct or indirect significant influence over their management and financial

policies but over which it does not have control. As a general rule, it is presumed that significant influence exists when the participation

exceeds 20%.

The financial statements of subsidiary companies are consolidated using the full consolidation method. Significant intra-group

transactions and account balances are eliminated in the consolidation process. The amount of share capital, reserves and net results

corresponding to third party participation in these subsidiaries is reflected in the caption minority interest, except for investment funds

which are recorded in the caption Resources of Customers. When necessary, adjustments are made to the subsidiary companies’

financial statements to ensure their consistency with the BPI Group’s accounting policies.

Goodwill arising from the difference between the cost of acquisitions (including expenses) and the fair value of the identifiable assets,

liabilities and contingent liabilities of subsidiary companies as of the date of the first consolidation are recorded as assets and are

subject to impairment tests. When a subsidiary company is sold, net goodwill is included in determining the gain or loss on the sale.

Associated companies are recorded in accordance with the equity method of accounting. In accordance with this method, the amount of

the investment, which is initially recognised at cost, is adjusted by post-acquisition changes in the net asset value of the associated

companies, in proportion to the BPI Group’s participation.

Goodwill relating to associated companies is included in the book value of the investment. The book value of associated companies

(including goodwill) is subject to impairment tests in accordance with IAS 36 and IAS 39.

In the case of associated companies acquired in stages, goodwill is calculated at the time that the acquired company becomes an

associate, being determined by the difference between the total acquisition cost of the investment and the proportion held of the fair

value of the identifiable assets and liabilities of the associate as of that date. As provided for in IAS 28, total acquisition cost

corresponds to the fair value of the original investment on the date that significant influence is achieved, plus the amount paid for the

additional participation. In accordance with the policy established by the BPI Group, gains or losses on the revaluation to fair value of

the original investment are recognised in the statement of income on the date the acquired company becomes an associate.

Following the loss of significant influence over an associated company (it is presumed that participation is less than 20%) and in

accordance with IAS 28, the participation held is reclassified from the Investments in Associated Companies portfolio to the Financial

Assets Available for Sale portfolio, being recorded at its fair value as of the date of the loss of significant influence. The difference

between the fair value of the participation held and the cost of investment at that date is recognised in the statement of income.

In accordance with IFRS 1 and the BPI Group’s accounting policies up to the date of transition to IAS/IFRS, goodwill on investments

acquired up to January 1, 2004 was deducted in full from shareholders’ equity.

Negative goodwill arising from the difference between the cost of acquisitions (including expenses) and the fair value of the identifiable

assets, liabilities and contingent liabilities of subsidiary and associated companies as of the date of the first consolidation or the date the

equity method is first applied is immediately recognised in the statement of income.

The financial statements of subsidiary or associated companies which are inactive or in liquidation were excluded from the consolidation

and from application of the equity method. These participations are classified as financial assets available for sale.


Consolidated net income is the sum of the individual net results of Banco BPI and the percentage of the net results of subsidiary and

associated companies, equivalent to Banco BPI’s effective participation in them, considering the period the participations are held for,

after elimination of income and expenses resulting from inter-group transactions. Foreign currency subsidiary and associated companies (IAS 21 and IAS 29) The foreign currency financial statements of subsidiary and associated companies were included in the consolidation after being

translated to Euro at the exchange rates published by the Bank of Portugal:

Assets and liabilities expressed in foreign currencies are translated to Euro using the exchange rates in force at the balance sheet

date;

Income and expenses expressed in foreign currencies are translated to Euro using the exchange rates in force in the months in

which they are recognised; and,

Exchange differences resulting from the translation to Euro are recognised directly in the shareholders’ equity caption revaluation

reserves, since the Bank does not have participations in subsidiaries and associated companies whose functional currency is that of

a hyperinflationary economy. 2.3. Financial assets and liabilities (IAS 32, IAS 39, IFRS 7 and IFRS 13) Financial assets and liabilities are recognised in the BPI Group’s balance sheet on the trade or contracting date, unless there is an

express contractual stipulation or applicable legal or regulation regime under which the transactions’ inherent rights and obligations are

transferred at a different date, in which case the latter date is applicable.

Financial assets and liabilities are initially recorded at fair value plus direct transaction costs, except for assets and liabilities that have

been recognised at fair value through profit or loss, in which case the transaction costs are immediately recorded in the statement of

income.

In accordance with IFRS 13, fair value is understood to be the price that would be received from the sale of an asset or paid for the

transfer of a liability in a transaction between market participants at the measurement date. On the contracting date or at the beginning

of an operation fair value is generally the transaction amount.

Fair value is determined based on:

the price in an active market, or

valuation methods and techniques (when there is not an active market) supported by:

mathematical calculations based on recognised financial theories; or,

prices calculated based on similar assets or liabilities traded on active markets or based on statistical estimates or other

quantitative methods.

Financial assets are initially recognised, at the time of their acquisition or inception, under one of the four categories defined in IAS 39:

financial assets held for trading and at fair value through profit or loss;

held-to-maturity financial assets;

available-for-sale financial assets;

loans and other receivables.

Following the amendment to IAS 39 in October 2008 entitled “Reclassification of financial assets”, it became possible to reclassify

financial assets between financial asset categories, as follows: (i) in specific circumstances, non-derivative financial assets (other than

those initially designated as financial assets at fair value through profit or loss under the “fair value option”) can be reclassified out of the

fair value through profit and loss category, and (ii) financial assets which meet the definition of loans and receivables can be reclassified

from the available-for-sale financial assets category to the loans and receivables category, provided that the entity has the intention and

ability to hold the asset for the foreseeable future or until maturity. For reclassifications made up to November 1, 2008, the reference

date of the changes made by the BPI Group was July 1, 2008. The reclassifications made on or after November 1, 2008 are effective

only as from the reclassification date.

In Note 4.49 the valuation methods of assets and liabilities recorded at fair value (Financial assets held for trading and at fair value

through profit or loss, Financial liabilities held for trading and Financial assets available for sale) are presented in detail.


2.3.1. Financial assets held for trading and at fair value through profit or loss and financial liabilities held for trading These captions include:

fixed income securities and variable-yield securities traded on active markets, which the Bank has opted, on the

recognition date, to record and value at fair value through profit or loss, can be classified as held for trading or at fair value

through profit or loss;

securities related to capitalisation insurance portfolios; and,

derivatives (including embedded derivatives on financial assets and liabilities), except for those designated as hedging

instruments under hedge accounting (Note 2.3.8).

Such assets and liabilities are valued daily at fair value, taking into account the own credit risk and counterparty risk of the operations.

The book value of bonds and other fixed income securities includes accrued interest.

Gains and losses resulting from changes in fair value are recognised in the statement of income.

Derivative operations are subject to credit risk analysis, their value being adjusted with a corresponding entry to loss on financial

operations.

2.3.2. Held-to-maturity investments

This caption includes non-derivative financial assets with fixed or determinable payments and defined maturities that the BPI Group has

the intention and ability to hold until maturity.

These investments are measured at amortised cost, using the effective interest rate method and subject to impairment tests. The

impairment losses on financial investments held to maturity are recorded in the income statement. If, in a subsequent period, the

amount of an impairment loss decreases and that decrease can be related objectively to an event occurring after the date on which the

impairment loss was recognised, the previously recognised impairment loss is reversed through the statement of income for the year.

2.3.3. Financial assets available for sale This caption includes:

fixed income securities which have not been classified in the trading, held to maturity or loan portfolios;

variable yield securities available for sale; and

shareholders’ loans and supplementary capital contributions in financial assets available for sale.

Assets classified as available for sale are valued at fair value, except for equity instruments that are not traded on active markets and for

which their fair value cannot be reliably measured or estimated. In this case they remain recorded at cost.

Gains and losses resulting from changes in the fair value of financial assets available for sale are recognised directly in the

shareholders’ equity caption fair value revaluation reserve, except for impairment losses and exchange gains and losses on monetary

assets, until the asset is sold. At this time, the gain or loss previously recognised in shareholders’ equity is transferred to the statement

of income.

Interest accrued on bonds and other fixed income securities and differences between their cost and nominal value (premium or

discount) are recorded in the statement of income using the effective interest rate method.

Income from variable-yield securities (dividends in the case of shares) is recorded as income when it is attributed or received. In

accordance with this procedure, interim dividends are recorded as income in the period in which they are declared.

At the date of preparation of the financial statements, the Bank assesses the existence of objective evidence that financial assets

available for sale are impaired, considering the market situation and the available information about the issuers.

In accordance with IAS 39, a financial asset available for sale is impaired and impairment losses are incurred if, and only if: (i) there is

objective evidence of impairment as a result of one or more events that occurred after initial recognition of the asset (a “loss event”) and

(ii) that (those) loss event (s) has (have) an impact on the estimated future cash flows of the financial asset, that can be reliably

estimated.


In accordance with IAS 39, objective evidence that a financial asset available for sale is impaired includes observable data regarding the

following loss events:

Significant financial difficulty of the issuer;

A breach of contract by the issuer in terms of the repayment of principal or payment of interest;

Probability of bankruptcy of the issuer;

The disappearance of an active market for the financial asset because of financial difficulties of the issuer.

In addition to the events relating to debt instruments referred to above, the existence of objective evidence of impairment on equity

instruments also takes into consideration information about the following loss events:

Significant changes with adverse impact on the technological, market, economic or legal environment in which the issuer

operates indicating that the cost of the investment may not be fully recovered;

A significant or prolonged decrease in the market value of the financial asset below its cost.

When there is objective evidence that a financial asset available for sale is impaired, the accumulated loss in the fair value revaluation

reserve is removed from equity and recognised in the statement of income.

Impairment losses recorded on fixed income securities are reversed through the statement of income if there is a positive change in the

fair value of the security resulting from an event which has occurred after determination of the impairment. Impairment losses on

variable-yield securities cannot be reversed. In the case of securities for which impairment losses have been recognised, subsequent

negative changes in fair value are always recognised in the statement of income.

Exchange differences on non-monetary assets (equity instruments) classified in the available-for-sale portfolio are recognised in the

exchange difference revaluation reserve. Exchange differences on other securities are recorded in the statement of income.

Financial assets available for sale, designated as hedged assets, are valued as explained in Note 2.3.8. Hedge Accounting – derivatives

and hedged instruments.

2.3.4. Loans and other receivables Loans and other receivables include loans and advances made by the Bank to customers and to credit institutions, including finance

lease operations, factoring operations, participation in syndicated loans and securitised loans (commercial paper and bonds issued by

companies) that are not traded on an active market and which are not intended to be sold.

Loans and securitised loans traded on active markets are included in the caption “Financial assets available for sale”.

At the inception date, loans and other receivables are recognised at fair value. In general, fair value at the inception date corresponds to

the amount of the transaction and includes commission, taxes and other costs and income relating to credit operations. Loans and other

receivables are subsequently valued at amortised cost, using the effective interest rate method and are subject to impairment tests.

Interest income, commission, fees and other costs and income on credit operations are recognised on an accruals basis over the period

of the operations, regardless of when they are received or paid. Commission received relating to credit commitments is deferred and

recognised on a straight-line basis over the period of the commitment.

The Bank classifies as overdue credit, instalments of principal and interest overdue for more than 30 days. Credits under legal collection

procedures include the full amount of the principal (both overdue and not yet due).

The BPI Group writes off loans on operations considered to be unrecoverable, for which provisions (in accordance with the Adjusted

Accounting Standards (Normas de Contabilidade Ajustadas – NCA) established by Bank of Portugal Notice 1/2005) and impairment

losses have been recorded for their full amount in the month preceding the write-off.

Gains and losses on the sale of loans to customers on a definitive basis are recognised in net income on financial operations in the

caption "Gain and loss on the sale of loans and advances to customers." These gains or losses correspond to the difference between

the sale price and the book value of those assets, net of impairment losses.

Loans designated as hedged assets are valued as explained in Note 2.3.8. Hedge Accounting - derivatives and hedged instruments.


Finance leasing (IAS 17) Lease operations in which the Bank transfers substantially all the risks and rewards of ownership of an asset to a customer or to a third

party, are reflected on the balance sheet, at the inception date, as loans granted, at the net amount paid to acquire the leased asset.

Lease instalments are composed of an interest income component and a principal repayment component. The interest income

component for each period reflects an effective interest rate of return on the outstanding amount of principal.

Factoring Assets resulting from factoring operations with recourse are recorded on the balance sheet as loans granted, by the amount advanced

on account under the terms of the corresponding contracts.

Assets resulting from factoring operations without recourse are recorded on the balance sheet as loans granted, by the amount of the

credit taken, with a corresponding entry to the liability caption “Creditors for factoring operations”. Amounts advanced under the

contracts are debited to the caption “Creditors for factoring operations”.

Invoices received under factoring contracts with recourse, in which amounts are not advanced, are recorded in the off-balance sheet

caption, “Contracts with recourse – invoices not financed”, by the amount of the invoices received. The balance of this caption is

reduced as the invoices are settled.

Commitments resulting from unused credit lines negotiated with customers are recorded as off-balance sheet items.

Securitised credit not derecognised The Bank does not derecognise credits sold in securitisation operations when:

it retains control over the operations;

it continues to receive a substantial part of the remuneration; and,

it retains a substantial part of the risk on the credits transferred.

Credits sold that have not been derecognised are recorded in the caption “Loans and advances to customers” and are subject to the

accounting principles used for other credit operations. Interest, commission and fees relating to the securitised loan portfolio are

accrued over the period of the credit operation.

Amounts received relating to securitisation operations are recorded under the caption “Financial liabilities relating to transferred assets”.

The respective interest, commission and fees are accrued based on the remuneration ceded by the Bank, in accordance with the

expected average life of the securitisation operation at the launching date.

The risks and/or benefits maintained are represented by the bonds with the highest degree of risk, issued by the securitisation vehicle.

The amount recorded in assets and liabilities represents the proportion of risk/benefit held by the Bank (continuing involvement).

Bonds issued by securitisation vehicles and held by the BPI Group entities are eliminated in the consolidation process.

Securities under repurchase and resale agreements Securities purchased with resale agreements are not recorded in the securities portfolio. Funds paid are recorded as loans at the

settlement date, while interest is accrued.

Securities sold with repurchase agreements are maintained in their original securities portfolio. Funds received are recorded in the

corresponding liability caption at the settlement date, while interest is accrued.

Guarantees given and irrevocable commitments Guarantees given and irrevocable commitments are recorded in off-balance sheet accounts by the amount at risk, while interest,

commission, fees and other income are recorded in the statement of income over the period of the operations. These operations are

subject to impairment tests. Impairment Loans, other receivables and guarantees given are subject to monthly impairment tests. Impairment losses identified are recorded by

corresponding charge to the statement of income for the year. If, in subsequent periods, there is a decrease in the estimated impairment

loss, the impairment loss initially recorded is reversed by credit to the statement of income.


In accordance with IAS 39 a financial asset is considered to be impaired when there is evidence that one or more loss events have

occurred after initial recognition of an asset, and such events have an impact on the estimated recoverable value of the future cash

flows of the financial asset considered.

IAS 39 defines some events that may be considered as objective evidence of impairment (breach of contract, such as delay in the

payment of principal or interest; probability that the borrower will become bankrupt, etc.). However, in certain circumstances

determination of impairment loss requires professional judgement.

Objective evidence of impairment situations is assessed as of the date of the financial statements.

Impairment assessment is made based on individual credits where they are significant in amount and on an individual or collective basis

where the credits are not significant in amount.

BPI’s loan portfolio is segmented as follows for purposes of determining impairment:

Corporate Banking;

Private individuals and small businesses;

Specialised credit: housing loans, equipment leasing, real estate leasing, vehicle financing, consumer credit and credit cards;

Commercial portfolio: discounts, credit with a plan, credit without a plan and overdrafts;

Project Finance;

Institutional Banking and the State Business Sector;

Others.

Impairment losses relating to the Corporate Banking, Project Finance, Institutional Banking and the State Business Sector segments are

determined on an individual basis whenever the credits show signs of impairment or are in default. Impairment losses are also

determined on an individual basis when they relate to: (i) groups with exposure of more than 250 t. euro in operations in the Commercial

loans, Credit by signature, Mobile item leasing, Real estate leasing, Factoring, Confirming and other debtor balances (including

derivatives) included in the Private individual and small business segment; (ii) customers with exposure equal to or exceeding 250

t. euro included in the Private Banking and International Private Banking segments, and (iii) loan operations monitored by the Financial

Department.

Credit operations in these segments that do not show signs of impairment, as well as operations of the other segments are subject to

collective assessment to determine the amount of the related impairment.

Individual assessment

In the case of assets for which there is objective evidence of impairment on an individual basis, impairment is calculated operation by

operation, based on the information included in the Bank’s credit risk analysis models which consider, among others, the following

factors:

Overall exposure of the customer and nature of the liabilities contracted with the Bank: financial or non-financial operations

(namely, liabilities of a commercial nature or performance guarantees);

Notation of client risk determined based on a calculation system implemented by the BPI Group. Risk notation includes, among

others, the following characteristics:

Financial situation of the customer;

Risk of the business sector in which the customer operates;

Quality of management of the customer, measured by the experience in the relationship with the BPI Group and the

existence of incidents;

Quality of the accounting information presented;

Nature and amount of the guarantees relating to the liabilities contracted with the Bank;

Non-performing loans for a period exceeding 30 days.

In such situations the amount of the loss is calculated based on the difference between the book value and the estimated recoverable

amount of the credit, after recovery costs, discounted at the effective rate of interest during the period from the date the impairment to

the expected date of recovery.

The expected recoverable amount of the credit reflects the cash flows that can result from execution of the guarantees or collateral

relating to the credit granted, less costs of the recovery process.


Assets evaluated individually, for which there are no objective signs of impairment, are included in a group of assets with similar credit

risks, and impairment losses are assessed collectively.

Impairment for these groups of assets is assessed as explained in the following section – Collective assessment.

Assets assessed individually, for which an impairment loss is recognised, are excluded from the collective assessment.

Collective assessment

Future cash flows of groups of credit subject to collective impairment assessment are estimated based on the past experience of losses

on assets with similar credit risk characteristics.

Collective assessment involves estimating the following risk factors:

The possibility of a performing operation or customer coming to show signs of impairment through delays arising during the

emergence period (period between the occurrence of a loss event and identification of that event by the Bank).

In accordance with IAS 39 these situations correspond to losses incurred but not reported, that is cases in which, for part of the

credit portfolio, the loss event has already occurred, but the Bank has not yet identified it;

The possibility of an operation or customer that has already had delays, going into default (situations of legal collection) during

the remaining period of the operation;

Financial loss on operations in default.

For purposes of determining the percentage of estimated loss on operations or customers in default, the Bank considers payments by

customers after default, less direct costs of the recovery process. The flows considered are discounted at the interest rate of the

operations and compared to the exposure at the time of default.

The inputs used for calculating collective impairment are determined based on statistical models for credit groups and revised regularly

to approximate the estimated amounts to the actual amounts.

For exposures with objective evidence of impairment, the amount of the loss results from a comparison of the book value with the

present value of the estimated future cash flows. The interest rate of the operations at the date of each assessment is used to calculate

the present value of the future cash flows.

2.3.5. Deposits and other resources After initial recognition, deposits and other financial resources of customers and credit institutions are valued at amortised cost, using

the effective interest rate.

This category includes life capitalisation insurance without a discretionary participation feature.

Deposits designated as hedged liabilities are valued as explained in Note 2.3.8 Hedge Accounting – derivatives and hedged

instruments.

2.3.6. Debt securities issued by the Bank Debt securities issued by the Bank are recorded under the captions Debt Securities and Other Subordinated debt.

At the date of issue, debt securities are recorded at fair value (issue value), including transaction expenses, commission and fees, and

subsequently valued at amortised cost using the effective interest rate method.

Derivatives embedded in bonds are recorded separately and revalued at fair value through the statement of income.

Bonds designated as hedged liabilities are valued as explained in Note 2.3.8. Hedge Accounting – derivatives and hedged instruments.

Bonds issued by the Bank can be listed, or not, on the Stock Exchange.


Secondary market transactions The Bank repurchases bonds issued in the secondary market. Purchases and sales of own debt securities are included proportionately

in the respective captions of debt issued (principal, interest, commission, fees and derivatives), and the differences between the amount

liquidated and the decrease or increase in the amount of the liability are immediately recognised in the statement of income.

2.3.7. Contingent convertible subordinated bonds

Under the Recapitalisation Plan for reinforcing Core Tier 1 own funds, so as to comply with the minimum ratios defined by the European

Banking Authority and the Bank of Portugal, in June 2012 Banco BPI issued financial instruments eligible as Core Tier 1 own funds

(contingent convertible subordinated bonds), which were subscribed for by the Portuguese State (Notes 4.25, 4.29 and 4.51).

Considering its features, defined in Law 63 – A/2008 of November 24, re-published by Law 4/2012 of January 11 (Bank Recapitalisation

Law), Ministerial Order 150-A/2012 of May 17 and in the Terms and Conditions established in Order 8840-A/2012, of the Portuguese

Minister of State and Finance of June 28, 2012 and the requirements of the International Financial Reporting Standards, namely IAS 32,

these financial instruments were recorded by the BPI Group as financial liabilities, since:

It has been established that the par value of these instruments bears interest, which must be paid by the Issuer in cash or in shares

of the Issuer, otherwise the instruments will be converted into shares of the Issuer in accordance with Section 8 of the above

mentioned Terms and Conditions;

The instruments should be repurchased by Banco BPI from the Portuguese State up to the end of June 29, 2017, otherwise they

will be converted into shares of the Issuer;

The conversion referred to in the preceding paragraphs will be made through the delivery of a number of shares that cannot be

determined prior to the occurrence of the event that determines the conversion, since (i) as defined in the Conversion Price

contained in Section 1.1. of the above mentioned Terms and Conditions, the price depends on the listed / market value of the

shares in the period prior to the occurrence of such event and (ii) the determination of the number of shares is based on the

Conversion Price.

Contingent convertible subordinated bonds are valued at amortised cost, using the effective interest rate method.

The BPI Group concluded the repayment of the contingent convertible subordinated bonds to the Portuguese State on June 25, 2014. 2.3.8. Hedge accounting – derivatives and hedged instruments The BPI Group designates as hedging instruments, derivatives contracted to hedge interest rate and foreign exchange rate risk (fair

value hedge operations) on financial assets and liabilities identified individually (bond portfolio, issuance of own debt securities and

loans), and on groups of operations (term deposits and fixed rate loans).

The BPI Group has formal documentation of the hedge relationship identifying, at the inception of the transaction, the instrument (or part

of the instrument, or part of the risk) that is being hedged, the strategy and type of risk being hedged, the hedging derivative and the

methods used to demonstrate the effectiveness of the hedge.

Monthly, the Bank tests the effectiveness of the hedge by comparing changes in the fair value of the hedged instrument, attributable to

the hedged risk, with changes in the fair value of the hedging derivative, the relationship between them being within the range of 80% to

125%.

Hedging derivative instruments are recorded at fair value and the gains and losses resulting from their revaluation are recognised in the

statement of income. Gains and losses resulting from changes in the fair value of hedged financial assets or liabilities, attributable to the

hedged risk, are also recognised in the statement of income, by corresponding entry to the book value of the hedged asset or liability in

the case of operations at amortised cost (loans, deposits and debt issued) or to the fair value revaluation reserve in case of financial

assets available for sale (bonds portfolio).

A hedged asset or liability may have only one part or one component of its fair value hedged (interest rate risk, foreign exchange rate

risk or credit risk), provided that the effectiveness of the hedge can be measured separately.

When using hedge accounting, the Bank does not value the commercial spreads of the hedged assets or liabilities.


If the hedging relationship ceases to exist as a result of the relationship between the fair value changes of the derivatives and the

hedged instruments being outside the 80% to 125% range, the derivatives are reclassified to trading instruments and the amount of the

revaluation of the hedged instrument is recognised in the statement of income for the remaining period of the operation.

Hedging effectiveness tests are duly documented on a monthly basis, thus ensuring the existence of evidence during the period of the

operation.

2.3.9. Foreign currency financial assets and liabilities Foreign currency financial assets and liabilities are recorded in conformity with the multi-currency system that is in their original

currencies.

Foreign currency assets and liabilities are translated to Euro at the official market rates published by the Bank of Portugal.

Foreign currency income and expenses are translated to Euro at the exchange rates in force on the dates they are recognised. 2.4. Tangible assets (IAS 16) Tangible assets used by the Bank in its operations are stated at cost (including directly attributable costs) less accumulated depreciation

and impairment losses.

Depreciation of tangible assets is recorded on a straight-line basis over their estimated useful lives, which corresponds to the period the

assets are expected to be available for use:

Useful life

(years)

Property

Improvements in owned property

20 to 50

10 to 50

Non-recoverable expenditure capitalised on leasehold buildings 3 to 10

Equipment 3 to 12

Other tangible assets 3 to 10

Non-recoverable expenditure on improvements in leasehold buildings is depreciated in accordance with its estimated useful life or the

remaining period of the lease contract.

As established in IFRS 1, tangible assets acquired by the BPI Group up to January 1, 2004 have been recorded at their book value at

the date of transition to IAS/IFRS, which corresponds to cost adjusted for revaluations recorded in accordance with legislation, based on

price level indices. In accordance with current tax legislation, 40% of the additional depreciation charge resulting from such revaluations

is not deductible for income tax purposes, the resulting deferred tax liability being recognised.

Tangible assets acquired under finance lease Tangible assets acquired under finance lease operations, in which the Bank has all the risks and rewards of ownership, are depreciated

in accordance with the procedures explained in the preceding section.

Lease instalments comprise an interest charge and a principal repayment component. The liability is reduced by the amount

corresponding to the principal repayment component of each of the instalments and the interest is reflected in the statement of income

over the term of the lease.


2.5. Investment properties Properties held by the investment funds consolidated by the Group in accordance with the full consolidation method are recorded as

investment properties since they are held for the purpose of long term capital appreciation and not for short-term sale, nor for use in

carrying out banking activity.

These properties are initially recognised at cost, including transaction costs, being subsequently revaluated at fair value. The appraisals

are carried out by independent appraisers registered at “Comissão dos Mercados de Valores Mobiliários” (Stock Exchange

Commission). The fair value of investment properties should reflect market conditions at the balance sheet date, the corresponding

changes being recorded in the statement of income caption Operating Income and Expenses.

Investment properties are not depreciated.

2.6. Assets received in settlement of defaulting loans and non-current assets held for sale (IFRS 5) Assets (property, equipment and other assets) received in settlement of defaulting loans are recorded in the caption “Other assets” as

they are not always in condition to be sold immediately and may be held for periods in excess of one year. Such assets are recorded at

the legal or tax acquisition amount or the amount stated in the settlement agreement. Assets recovered following the resolution of lease

contracts are recorded at the outstanding amount due not invoiced. Such property is subject to periodic appraisals, with impairment

losses being recorded whenever the appraised value net of costs to sell is lower than its book value.

The caption “Other assets” also includes the Bank’s tangible assets retired from use (unused property and equipment) which are in the

process of sale. Such assets are transferred from tangible assets at their book value in accordance with IAS 16 (cost less accumulated

depreciation and impairment losses) when they become available for sale, and are subject to periodic appraisals with impairment losses

being recorded whenever the appraised value (net of selling costs) is lower than their book value.

The appraisals are carried out by independent appraisers registered at “Comissão dos Mercados de Valores Mobiliários” (Portuguese

Securities Market Code). Unrealized gains on these assets are not recognised in the balance sheet.

Tangible assets available for sale are not depreciated.

Non-current assets are classified as held for sale whenever it is expected that their book value will be recovered through sale rather

than through their continued use. In order to be classified as such, an asset must meet the following conditions:

• Its sale must be highly probable;

• The asset must be available for immediate sale in its present condition;

• The sale must be expected to be realized within one year from the date of classification in this caption.

Assets classified in this caption are not amortized, being valued at the lower of cost and fair value, less costs to be incurred with the sale

If book value is greater than fair value less costs to sell, an impairment loss is recognised in the caption “Impairment losses and other

provisions, net”.

The caption Non-current Assets held for sale at December 31, 2014 includes the investment in Finangeste – Empresa Financeira de

Gestão e Desenvolvimento, S.A., as the above requirements for that classification were met. The investment was valued based on its

expected sales value. The sale was completed in the first half of 2015.

2.7. Intangible assets (IAS 38) The Bank recognises, in this caption, expenses relating to the development stage of projects implemented and to be implemented, as

well as the cost of acquiring software, in both cases where the impact extends beyond the financial year in which the cost is incurred.

Intangible assets are amortised on a straight-line monthly basis over the estimated period of useful life of the assets which, in general,

corresponds to a period of three years.

To date the Bank has not recognised any intangible assets generated internally.


2.8. Retirement and survivor pensions (IAS 19) The BPI Group companies that have adhered to the Collective Vertical Labour Agreement for the Portuguese Banking Sector (Acordo

Colectivo de Trabalho Vertical para o Sector Bancário Português) have assumed the commitment to pay their employees or their

families, pensions for retirement due to age or incapacity, pensions for early retirement or survivor pensions (defined benefit plan). The

pensions consist of a percentage, which increases with the number of years of service of the employees, applied to their salaries. Up to

December 31, 2010 the majority of employees of the BPI Group was not covered by the Portuguese Social Security system.

With the publication of Decree-Law 1-A/2011 of January 3, all the bank employees that benefit from CAFEB – Caixa de Abono de

Família dos Empregados Bancários were incorporated into the General Social Security Regime as from January 1, 2011, becoming

covered by this regime as regards old age pensions and possible maternity, paternity and adoption, the cost of which the Bank no

longer covers. Given the complementary nature of the rules of the Collective Labour Agreement for the Portuguese Banking Sector, the

Bank will continue to cover the difference between the amount of the benefits paid under the General Social Security Regime for the

items covered and the benefits established in the Collective Labour Agreement.

Incapacity and survivor pensions and sickness subsidy of these employees will continue to be the Bank’s responsibility.

Following the Three Party Agreement between the Government, the Credit Institutions and the Labour Unions for the Banking Sector,

Decree-Law 127/2011 of December 31 was published, which establishes transfer to the Social Security of the liability for retirement and

survivor pensions of retirees and pensioners which at December 31, 2011 were in that situation and were covered by the substitute

social security regime included in the collective labour regulations in force for the banking sector (Pillar 1), as well as transfer to the

Portuguese State of the part of the pension fund assets covering these liabilities.

Through its pension fund, Banco BPI retains the liability for payment of (i) the amount of updates of the pensions mentioned above,

according to the criteria set out in the Collective Labour Agreement (Acordo Colectivo de Trabalho); (ii) the complementary benefits to

the retirement and survivor pensions assumed by the Collective Labour Agreement; (iii) the contribution on retirement and survivor

pensions for Social Medical Support Services (Serviços de Apoio Médico-Social); (iv) death subsidy; (v) survivor pensions to children

and surviving spouse related to the same employee and (vi) survivor pension due to the family of a retired employee, in which the

conditions for being granted occurred as from January 1, 2012.

The value of the pension fund assets transferred to the Portuguese State must be equal to the amount of the liabilities assumed by the

Social Security and was determined taking into account the following assumptions: (i) discount rate of 4%; (ii) mortality tables in

accordance with the regulations defined by the Portuguese Insurance Institute (Instituto de Seguros de Portugal): male population: TV

73/77 less 1 year; female population: TV 88/90.

Transfer of the Bank’s pension fund assets was made entirely in cash.

The Bank transferred ownership of the assets under the following conditions: (i) up to December 31, 2011, the amount equivalent to

55% of the provisional present value of the liabilities; (ii) by June 30, 2012, the remaining amount to complete the current definitive

amount of the liabilities, as a result of the final determination of the liabilities transferred, made by an expert independent entity hired for

the purpose by the Ministry of Finance.

Since the transfer to the Social Security corresponds to settlement, with extinction of the corresponding liability of Banco BPI, the

difference between the amount of the pension fund assets transferred to the Portuguese State and the amount of the liabilities

transferred based on the actuarial assumptions used by Banco BPI was recorded in the statement of income caption “Operating gains

and losses”, as provided for in paragraph 110 of IAS 19.

In accordance with the Decree-Law 127/2011 of December 31, the cost incurred as a result of the transfer of the liability for retirement

and survivor pensions of retired personnel and pensioners to the Social Security is tax deductible, in equal amounts, in the tax years

beginning on or after January 1, 2012 based on the estimated average number of years of life expectancy of the pensioners whose

liabilities were transferred, which is estimated at 18 years, and so the corresponding deferred tax asset relating to the amount settled

was recognised in the statement of income.


The BPI Group determines the amount of its past service liability by actuarial calculation using the “Projected Unit Credit” method in the

case of retirement due to age, and the “Single Successive Premiums” method in the case of retirement due to incapacity and survivor

benefits. The actuarial assumptions used (financial and demographic) are based on the expectations, as of the balance sheet date,

regarding salary and pension increases, using mortality tables adapted to the Bank’s population. The discount rate is determined based

on market rates for low risk bonds with similar terms to those of the related pension liability. The current economic situation and

sovereign debt crisis in Southern of Europe have caused volatility and disruption in the debt market in the Eurozone, with an abrupt

decrease in market yields on corporate bonds with better ratings and also a reduction in the available portfolio of these bonds. In order

to maintain the representativeness of the discount rate in these circumstances, at June 30, 2015 and December 31, 2014 Banco BPI

incorporated in its determination, information on interest rates that can be obtained on bonds of the Eurozone universe and that it

considers to be of high quality in terms of credit risk. An analysis of the actuarial assumptions and, if applicable, their corresponding

change, is carried out by the BPI Group as of June 30 and December 31 of each year. On December 31, 2014 the BPI Group changed

the discount rate and the salary and pension increase rates. At June 30, 2015, the BPI Group did not change the actuarial assumptions

because it considers that the assumptions as of December 31, 2014 are still applicable considering the current market conditions and

expectations at the balance sheet date. The updating of these assumptions is reflected in actuarial deviations for the period and

prospectively in pension costs. The amount of the liability includes, in addition to the retirement pension benefits, post-employment

healthcare benefits (SAMS) and death subsidy during retirement.

In accordance with the requirements of IAS 19, the BPI Group recognizes the effect of re-measuring the net liability (asset) of defined

benefit pension plans and other post-employment benefits, directly in equity, in the Statement of Comprehensive Income, in the period

in which it occurs, including actuarial gains and losses and deviations relating to the return on pension fund assets.

The increase in the past service liability resulting from early retirements is fully recognised as cost in the statement of income for the

year.

Increases in the past service liability resulting from changes in the conditions of the Pension Plans are recognised in full in the

statements of income.

The past service liability (post-employment benefits) is covered by Pension Funds. The value of the Pension Funds corresponds to the

fair value of their assets at the balance sheet date.

The funding requirements of the Pension Fund are defined in Bank of Portugal Notice 4/2005, which establishes the requirement to fully

fund (100%) pensions under payment and a minimum of 95% of the past service liability for current personnel.

The past service liability for retirement pensions net of the amount of the pension fund is recorded in the BPI Group’s financial

statements under the caption “Other liabilities” (insufficient coverage) or “Other assets” (excess coverage).

The following costs relating to retirement and survivor pensions are included in the consolidated statement of income of the BPI Group:

current service cost (cost for the year);

net interest cost;

cost relating to the increase in the past service liability due to early retirements;

gains and losses resulting from changes in the conditions of the Pension Plan.

The above components are recognised in personnel costs, except the cost of the interest of all liabilities and expected return on pension

funds that are recorded in net income on financial operations – interest and financial gain and loss with pensions.

At the transition date to IAS/IFRS, the BPI Group adopted the option, allowed under IFRS 1, of not recalculating actuarial gains and

losses deferred since the inception of the pension plans (reset option). Consequently, deferred actuarial gains and losses reflected in

the BPI Group’s financial statements as of December 31, 2003 were reversed by corresponding entry to retained earnings at the

transition date (January 1, 2004).


2.9. Long service premiums (IAS 19) Under the Collective Labour Agreement (Acordo Colectivo de Trabalho) for the banking sector there is a commitment to pay employees

a long service premium in the month in which they reach 15, 25 and 30 years of good and effective service in the banking sector,

corresponding, respectively, to one, two and three months of their effective monthly remuneration (in the year the premium is attributed).

In December 2012, Banco BPI made an advanced payment of the proportional part of the long service premium for the anniversary in

progress, relating to the 15, 25 and 30 years of banking service, corresponding to the period of good and effective service in the banking

sector at December 31, 2012.

In subsequent years, the BPI Group continued to follow the requirements of the Collective Labour Agreement for the banking sector as

regards the long service premium, so that it pays the long service premium in the years in which the employees complete 15, 25 and 30

years of good and effective service in the banking sector, less the amounts already paid at December 31, 2012.

Annually, the BPI Group determines the present value of the liability for long service premiums by actuarial calculation using the

“Projected Unit Credit” method. The actuarial assumptions used (financial and demographic) are based on the expectations, as of the

balance sheet date, regarding salary increases, using mortality tables adapted to the Bank’s population. The discount rate used is

determined based on market rates for high quality corporate bonds with similar terms to those of payment of the liability. The

assumptions are mutually compatible.

The liability for long service premiums is reflected under the caption “Other liabilities”.

The following costs relating to the liability for long service premiums are included in the consolidated statement of income of the BPI Group:

current service cost (cost for the year);

interest cost;

gain and loss resulting from changes in the conditions of the benefits.

2.10. Treasury shares (IAS 32) Treasury shares are recorded at cost in equity captions and are not subject to revaluation. Realised gains and losses, as well as the

resulting taxes, are recorded directly in shareholders’ equity, not affecting net income for the year.

2.11. Share-based payments (Remuneração variável em acções – RVA) (IFRS 2) The share-based payment program (Remuneração Variável em Acções - RVA) is a remuneration plan under which, whenever it is

decided to grant variable remuneration to Executive Directors and employees of the BPI Group (in the latter case provided that it

exceeds 2 500 euro), it is partly made up of BPI shares and BPI share options. The individual remuneration under the RVA program

varies between 10% and 50%, the percentage increasing with the responsibility level of the beneficiary.

The shares granted to Employees under the RVA program are transferred in full at the grant date, but 75% of the transfer is subject to a

resolution condition (relating to termination of the employment relationship, unless made by just cause of the Employee), which

terminates on a gradual basis over the three years following the grant date (25% each year). The share purchase options may be

exercised between the 90th day and the fifth year as from the grant date. Termination of the employment relationship between the

Employee and BPI Group also affects the options granted, in accordance with RVA Regulations.

The conditions for granting shares and share options to the Executive Directors up to RVA 2009 were similar to those previously

referred to for Employees. As from RVA 2010, the shares and share options granted to Executive Directors under the RVA program are

subject to the following suspending condition: Banco BPI’s consolidated shareholders’ equity, based on the consolidated accounts for

the third year following that to which the variable remuneration relates, must be greater than Banco BPI’s consolidated shareholders’

equity for the year to which the variable remuneration relates, taking into account the assumptions established in the RVA Regulations.

The granting of shares is also subject to the suspending condition relating to non-termination of the management or employment

relationship established in the RVA Regulations. In addition to these conditions, the granting of the shares is also subject to a

suspending term of three years as from the grant date and the strike period for the share options begins after that period.

As set forth in the Recapitalisation Plan (Note 4.50), during the Portuguese State investment period, the members of Banco BPI’s

Executive Commission will not be paid any variable remuneration. Nonetheless, the Remuneration Committee may continue to evaluate

annually the performance of the members of the Executive Commission of the Board of Directors and determine the amount of the

variable remuneration to which they would be entitled under the rules established in the Remuneration Policy approved in the

Shareholders General Meeting of April 2011. However, payment of the variable remuneration will depend on the decision of the

Remuneration Committee in office when the Portuguese State investment has been fully repaid.


The remuneration limitations resulting from the recapitalisation operation referred to in the preceding paragraph, terminated on June 25,

2014, when the public investment resulting from the recapitalization operation was fully repaid.

In this respect, considering that the recommendation of both the Nominating, Admission and Remuneration Committee and the

Remuneration Policy for the 2014/2016 period, approved by the Shareholders’ General Meeting, established the recommendation that:

1) the performance evaluation of the members of the Executive Commission of the Board of Directors and determination of the

variable remuneration to which they would be entitled under the Remuneration Policy rules should continue to be made

annually, the payment of such amount being subject to a decision of the Remuneration Committee then in office and to take

place after full repayment of the public investment;

2) also dependent upon a decision to be made by the Remuneration Committee, then in office, after full repayment of the public

investment, the members of the Board of Directors, members of Executive Commission of the Board of Directors and

members of the Supervisory Board should be paid the amounts corresponding to the reduction of their fixed remuneration

resulting from the limitations due to the recapitalization operation;

the Remuneration Committee made the following decisions on September 3, 2014:

a) Considering their performance in the period in which there was public investment (second half of 2012, 2013 and first

half of 2014), it approved payment to the members of the Board of Directors and members of the Supervisory Board in

office during that period, of the amounts corresponding to the reduction of their fixed remuneration in that period resulting

from the limitations due to the recapitalization operation; and

b) Taking into account the opinion of the Nomination, Remuneration and Admission Committee, approved the payment to

the members of the Executive Committee of the Board of Directors who were in office in 2012 of the amount of their

variable remuneration applicable as if no limitations were applied due to the recapitalization operation, in the overall

amount of 1% of the consolidated net results for 2012.

Costs relating to the share-based payment program (RVA program) are accrued under the caption “Personnel costs” with a

corresponding entry to “Other equity instruments”, as established by IFRS 2 for share-based payments. The cost of the shares and

option premiums, as of the date they are granted, is accrued on a straight-line basis from the beginning of the year of the program

(January 1) to the moment they become available to the employees.

For the purpose of share-based payments, the Bank has created a portfolio of BPI shares transferring ownership of the shares to

employees on the grant date (in the case of Executive Directors, after verifying the suspension terms and conditions). However, for

accounting purposes, the shares remain in the Bank’s treasury share portfolio until the date they are made available. The shares are

then derecognised by corresponding entry to the amounts accumulated under the caption “Other equity instruments”.

For purposes of the share-based payment in options, the BPI Group has created a portfolio of BPI shares in order to hedge the liability

resulting from issuing call options over the BPI shares, following a delta hedging strategy (determined using a model to evaluate the BPI

share options, developed in-house based on Black-Scholes methodology).

This strategy corresponds to the creation of a portfolio with delta shares for each option granted, delta corresponding to the relationship

between evolution of the price of an option and evolution of the price of the underlying shares. The treasury shares held to hedge the

risk of variation in the value of the options sold are recorded under the caption “Treasury shares hedging the share-based payment

program”, where they remain while they are held for that purpose.

When the options are exercised, the treasury shares are derecognised together with transfer of their ownership to the employees. At

that time the Bank recognises a gain or loss resulting from the difference between the exercise price and the average cost of the

treasury share portfolio hedging each program, less the cost of the option premiums accumulated in the caption “Other equity

instruments”.

Realised gains and losses on treasury shares in the coverage and exercise of the options of the share-based payment program, as well

as the related taxes, are recorded directly in shareholders’ equity, not affecting net income for the year.


2.12. Technical provisions (IFRS 4) The BPI Group sells capitalisation life insurance products through its subsidiary BPI Vida. Capitalisation insurance products without

discretionary participation features are recorded in accordance with IAS 39 and included in the caption “Resources of customers and

other debts”. Capitalisation insurance products with discretionary participation features are recorded in accordance with IFRS 4, in the

caption “Technical provisions”. The technical provisions recorded for life insurance contracts represent, collectively, the liability to the insured customers and include:

Mathematical provisions determined using prospective actuarial methods in accordance with the technical bases of each product.

They also include a provision for rate commitments, which is recorded when the effective profitability rate of the assets which

represent the mathematical provisions of a certain product is lower than the technical interest rate used to calculate the

mathematical provisions.

Provision for participation in profits to be attributed to the contracts in force at the end of each year. The amount is calculated in

accordance with the technical bases of each contract, duly approved by the Portuguese Insurance Institute (Instituto de Seguros

de Portugal), using the profitability rates for investments covering the respective mathematical provisions.

Provision for claims to cover indemnities payable relating to claims incurred but not yet settled. Since the BPI Group does not

commercialise risk insurance, no provision has been recorded for claims incurred but not yet reported (IBNR).

2.13. Provisions for other risks and charges (IAS 37) This caption includes provisions to cover other specific risks, namely tax contingencies, legal processes and other losses arising from

the operations of the BPI Group. 2.14. Income taxes (IAS 12) All the Group companies are taxed individually.

Banco BPI and its subsidiary and associated companies with head offices in Portugal are subject to the tax regimes established in the

Corporation Income Tax Code (Portuguese initials - CIRC) and in the Statute of Tax Benefits.

The Madeira and Santa Maria Off-shore Financial Branches of Banco BPI were exempt from corporate income tax up to December 31,

2011, in accordance with article 33 of the Statute of Tax Benefits. Under the provisions of article 34 of the Statute, for the purpose of

applying this exemption, at least 85% of the taxable income of Banco BPI’s global operations was considered to result from activities

outside the institutional scope of the Madeira and Santa Maria Free Trade Zones. This regime came into force on January 1, 2003. As

from January 1, 2012 Banco BPI’s total net income became subject to the general Corporation Income Tax regime.

Current taxes are calculated based on the legal tax rates in force in the countries in which the Bank operates during the reporting

period.

Deferred tax assets and liabilities correspond to the tax recoverable and payable in future periods resulting from temporary differences

between the carrying value of assets and liabilities and their respective tax bases. Tax losses carried forward and tax credits also give

rise to the recognition of deferred tax assets.

Deferred tax assets are recognised only to the extent of the probable existence of sufficient expected future taxable income to absorb

the deductible temporary differences.

Deferred tax assets and liabilities have been calculated using the tax rates decreed for the period in which the respective assets or

liabilities are expected to be realised.

Current and deferred taxes are recognised in the statement of income, except for those relating to amounts recorded directly in

shareholders’ equity (namely gains and losses on treasury shares and securities available for sale and actuarial deviations in retirement

and survivor pension liabilities).

The BPI Group does not record deferred tax assets and liabilities on temporary deductible or taxable differences relating to investments

in subsidiary and associated companies, as these differences are not expected to revert in the foreseeable future, except for the

following:

deferred tax liabilities relating to the estimated dividends that Banco de Fomento Angola is expected to pay to the BPI Group

companies in the next year out of net income for the year, are recognised;

deferred tax liabilities relating to all distributable net income of Banco Comercial e de Investimentos are recognised.


Net income distributed to Banco BPI by subsidiary and associated companies in Portugal are not taxed in Banco BPI as a result of

application of the regime established in article 51 of the Corporation Income Tax Code, which provides for the elimination of double

taxation of net income distributed.

2.15. Preference shares (IAS 32 and IAS 39) Preference shares are classified as equity instruments when:

There is no contractual obligation for the BPI Group to redeem the preference shares acquired by a holder (in cash

or in another financial asset);

Remission or early redemption of the preference shares can only be made at the option of the BPI Group;

Dividends distributed by the BPI Group to the preference shareholders are discretionary.

The BPI Group classified the preference shares issued by BPI Capital Finance Ltd. as equity instruments. The payment of dividends

and redemption of the shares are guaranteed by Banco BPI.

The preference shares classified as equity instruments, held by third parties, are presented in the consolidated financial statements in

the caption “Minority interests”.

Realized gain and loss on the repurchase and sale of preference shares classified as equity instruments, as well as the corresponding

tax effect, are recorded directly in shareholders’ equity, not affecting net result for the year.

2.16. Insurance and reinsurance brokerage services Banco BPI is duly authorized by the Portuguese Insurance Institute (Instituto de Seguros de Portugal) to provide insurance brokerage

services in the Insurance Brokerage Services area, in accordance with the article 8, paragraph a), subparagraph i) of Decree-Law

144/2006 of July 31, and operates in the life and non-life insurance brokerage areas.

In the insurance brokerage services area, Banco BPI sells insurance contracts. As remuneration for insurance brokerage services

rendered, Banco BPI receives commission for brokering insurance contracts, which is defined in agreements/protocols established

between Banco BPI and the Insurance Companies.

Commission received for insurance brokerage services refers to:

Commission that includes a fixed and a variable component. The fixed component is calculated by applying a predetermined rate

over the amounts of subscriptions made through Banco BPI and a variable component calculated based on predetermined

criteria, total annual fees being the sum of the fees calculated monthly;

Commission for participation in the results of insurance, which is calculated annually and paid by the Insurance Company in the

beginning of the year following that to which it refers (up to January 31).

Commission received for insurance brokerage services is recognised on an accruals basis. Fees received in a different period from that

to which they relate are recorded as receivables in the caption “Other assets” by corresponding entry to “Commissions received - for

insurance brokerage services”.

Banco BPI does not collect insurance premiums on behalf of Insurance Companies, or receive or pay funds relating to insurance

contracts. Thus, there are no other assets, liabilities, income or expenses to be recognised relating to the insurance brokerage services

rendered by Banco BPI, from those already referred to.


2.17. Main estimates and uncertainties regarding the application of the accounting standards The BPI Group’s financial statements have been prepared using estimates and expected future amounts in the following areas:

Retirement and survivor pensions Retirement and survivor pension liabilities have been estimated based on actuarial tables and assumptions of the increase in pensions

and salaries and discount rates. These assumptions are based on the BPI Group’s expectations for the period during which the liabilities

will be settled.

Loan impairment Loan impairment has been determined based on expected future cash flows and estimated recoverable amounts. The estimates are

made using assumptions based on the available historical information and assessment of the situation of the customers. Possible

differences between the assumptions used and the actual future behaviour of the loans and changes in the assumptions used by the

BPI Group have an impact on the estimates.

Fair value of derivatives and unlisted financial assets The fair value of derivatives and unlisted financial assets was estimated based on valuation methods and financial theories, the results

of which depend on the assumptions used.

The financial market environment, particularly in terms of liquidity, can influence the realisable value of these financial instruments in

some specific situations, including their sale prior to maturity. Income taxes Current and deferred taxes have been recognised based on the tax legislation currently in force for the BPI Group companies or on

legislation already published for future application. Different interpretations of tax legislation can influence the amount of income taxes.

Additionally, deferred tax assets are recognised based on the assumption of the existence of future taxable income.


3. SEGMENT REPORTING

The BPI Group’s segment reporting is made up as follows:

Domestic operations: corresponds to commercial banking business in Portugal, the provision overseas of banking services to

non-residents - namely to emigrant Portuguese communities and services provided in the Madrid branch - and investment

banking, private equity, asset management and insurance operations. Thus, domestic operations are divided into:

o Commercial Banking

o Investment Banking

o Equity investments and others

International operations: Consist of the operations in Angola carried out by Banco de Fomento Angola, S.A, in Mozambique

by Banco Comercial de Investimentos, S.A.R.L. and BPI Moçambique – Sociedade de Investimento, S.A. and in South Africa

by BPI Capital Africa (Proprietary) Limited.

Commercial banking

The BPI Group’s operations are focused mainly on commercial banking. Commercial banking includes:

Retail Banking – includes commercial operations with private clients, sole traders and businesses with turnover of up to 5

million euro through a multi-channel distribution network made up of traditional branches, investment centres, home banking

services and telephone banking. It also includes the Private Banking area which is responsible for implementing strategies

and investment proposals presented to customers and ensures the management of their financial assets.

Corporate Banking, Project Finance and Institutional Banking – includes commercial operations with companies with a

turnover of more than 2 million euro and also with Retail Banking for the segment of up to 5 million euro. This also includes

project finance services and relationships with entities of the Public Sector, Public and Municipal Companies, the State

Business Sector, Foundations and Associations. This segment operates through a network of business centres, institutional

centres and home banking services adapted to the business needs.

Investment banking

Investment banking covers the following business areas:

Corporate finance – This includes rendering consultancy services relating to the analysis of investment projects and

decisions, market privatisation operations and the structuring of merger and acquisition processes.

Share department–Includes trading activities, financial instrument primary market, brokerage and research;

Portfolio management – Includes services rendered to BPI Global Investment Fund Management Company, S.A in the

management of BPI Alternative Fund – Iberian Equities Long Short.

Equity investments and others

This segment includes essentially Financial Investments and Private Equity activities. The BPI Group Private Equity area invests

essentially in unlisted companies with the following objectives: the development of new products and technologies, financing of

investments in working capital, acquisitions and the strengthening of financial autonomy.

This segment also includes the Bank’s residual activity, such segments representing individually less than 10% of total income, net profit

and the Group’s assets.

Inter-segment operations are presented based on the effective conditions of the operations and application of the accounting policies

used to prepare the BPI Group’s consolidated financial statements.

The reports used by Management consist essentially of accounting information based on IFRS.


The BPI Group’s balance sheet as of June 30, 2015 and investments in tangible and intangible assets during the period, by segment, are as follows:

The caption Other assets – Inter segment operations at June 30, 2015, includes 57 994 t.euro relating to dividends payable by BFA to Banco BPI for the year 2014. In August 2015, following the authorization request presented, BFA received a letter from Banco Nacional de Angola (BNA) stating that the dividends will be transferred in stages, 50% being transferred in 2015 and 50% in 2016.

Commercial banking

Investment banking

Equity investments and others

Inter segment operations T otal Angola Others T otal

ASSET SCash and deposits at Central Banks 401 992 401 992 1 610 843 1 1 610 844 2 012 836Loans and advances to other credit institutions repayable on demand 878 633 65 366 14 907 ( 486 585) 472 321 133 280 4 133 284 ( 53 961) 551 644Financial assets held for trading and at fair value through profit or loss 3 000 515 170 326 ( 7 170) 3 163 671 349 464 23 349 487 3 513 158Financial assets available for sale 4 202 470 1 758 37 547 4 241 775 3 110 509 3 110 509 7 352 284Loans and advances to credit institutions 2 231 682 66 575 2 895 ( 871 439) 1 429 713 1 048 735 2 048 1 050 783 ( 567 003) 1 913 493Loans and advances to customers 22 911 050 ( 3 221) 22 907 829 1 389 280 1 389 280 24 297 109Held to maturity investments 34 615 ( 12 221) 22 394 22 394Hedging derivatives 111 711 ( 2 590) 109 121 109 121Investment Property 154 777 154 777 154 777Other tangible assets 55 774 944 56 718 141 420 316 141 736 198 454Intangible assets 19 524 359 19 883 2 606 22 2 628 22 511Investment in associated companies and jointly controlled entities 84 807 62 745 147 552 67 008 67 008 214 560Tax assets 392 075 625 ( 389) 392 311 5 634 961 6 595 398 906Other assets 795 879 8 065 106 ( 63 598) 740 452 ( 3 077) 259 ( 2 818) ( 64 667) 672 967T OT AL ASSET S 35 275 504 314 018 117 811 ( 1 446 824) 34 260 509 7 788 694 70 642 7 859 336 ( 685 631) 41 434 214LIABILIT IES Resources of central banks 1 520 137 1 520 137 1 520 137Financial liabilities held for trading 321 852 52 ( 7 728) 314 176 18 049 18 049 332 225Resources of other credit institutions 2 119 245 3 778 6 967 ( 121 271) 2 008 719 62 508 570 ( 620 964) 1 388 325Resources of customers and other debts 22 638 825 122 807 ( 1 275 980) 21 485 652 6 769 802 6 769 802 28 255 454Debt securities 1 227 358 1 227 358 1 227 358Financial liabilities relating to transferred assets 956 058 956 058 956 058Hedging derivatives 238 920 ( 1 438) 237 482 237 482Provisions 78 161 9 910 88 071 31 670 31 670 119 741Technical provisions 3 961 996 3 961 996 3 961 996Tax liabilities 39 002 415 ( 935) 38 482 19 056 4 396 23 452 61 934Other subordinated debt and participating bonds 83 530 ( 14 014) 69 516 69 516Other liabilities 582 898 10 397 1 734 ( 26 393) 568 636 172 032 6 971 179 003 ( 64 667) 682 972T OT AL LIABILIT IES 33 767 982 137 449 17 676 ( 1 446 824) 32 476 283 7 010 671 11 875 7 022 546 ( 685 631) 38 813 198SHAREHOLDERS' EQUIT YShareholders' equity attributable to the shareholders of BPI 1 505 719 176 569 100 135 1 782 423 388 530 58 767 447 297 2 229 720Minority interest 1 803 1 803 389 493 389 493 391 296T OT AL SHAREHOLDERS' EQUIT Y 1 507 522 176 569 100 135 1 784 226 778 023 58 767 836 790 2 621 016T OT AL LIABILIT IES AND SHAREHOLDERS' EQUIT Y 35 275 504 314 018 117 811 ( 1 446 824) 34 260 509 7 788 694 70 642 7 859 336 ( 685 631) 41 434 214

Investments made in:Property 4 4 16 218 16 218 16 222Equipment and other tangible assets 693 252 945 8 969 12 8 981 9 926Intangible assets 1 127 109 1 236 952 15 967 2 203

Domestic operationsInter segment

operations BPI Group

International operations


The BPI Group’s income statement for the period ended June 30, 2015, by segment, is as follows:

Commercial banking

Investment banking

Equity investment and others

Inter segment operations

T o tal Angola Others T o tal

F inancial margin (narro w sense) 151 063 ( 147) ( 324) 150 592 161 955 ( 193) 161 762 312 354Gross margin on unit links 5 379 5 379 5 379Income from equity instruments 1 284 2 315 3 599 3 599Net commission relating to amortised cost 9 882 9 882 4 4 9 886F inancial margin 167 608 ( 147) 1 991 169 452 161 959 ( 193) 161 766 331 218Technical result o f insurance contracts 19 401 19 401 19 401Commission received 146 532 9 133 ( 26 314) 129 351 23 389 574 23 963 ( 625) 152 689Commission paid ( 36 984) ( 6 017) ( 9) 26 314 ( 16 696) ( 4 744) ( 4 744) 625 ( 20 815)Other income, net 11 930 ( 1) 11 929 11 598 11 598 23 527N et co mmissio n inco me 121 478 3 115 ( 9) 124 584 30 243 574 30 817 155 401Gain and loss on operations at fair value 17 770 6 166 23 936 72 871 72 871 96 807Gain and loss on assets available for sale ( 1 060) 108 ( 952) ( 952)Interest and financial gain and loss with pensions ( 463) ( 9) ( 472) ( 472)N et inco me o n f inancia l o perat io ns 16 247 6 157 108 22 512 72 871 72 871 95 383Operating income 13 297 5 13 302 678 164 842 14 144Operating expenses ( 15 329) ( 199) ( 15 528) ( 1 766) ( 3) ( 1 769) ( 17 297)Other taxes ( 2 821) ( 333) ( 3 154) ( 7 704) ( 162) ( 7 866) ( 11 020)N et o perat ing expenses ( 4 853) ( 527) ( 5 380) ( 8 792) ( 1) ( 8 793) ( 14 173)Operat ing inco me fro m banking act ivity 319 881 8 598 2 090 330 569 256 281 380 256 661 587 230Personnel costs ( 142 860) ( 4 541) ( 105) ( 147 506) ( 40 419) ( 1 152) ( 41 571) ( 189 077)General administrative costs ( 87 921) ( 2 488) ( 12) ( 90 421) ( 36 294) ( 347) ( 36 641) ( 127 062)Depreciation and amortisation ( 9 143) ( 47) ( 9 190) ( 8 250) ( 64) ( 8 314) ( 17 504)Overhead co sts ( 239 924) ( 7 076) ( 117) ( 247 117) ( 84 963) ( 1 563) ( 86 526) ( 333 643)Recovery of loans, interest and expenses 6 809 6 809 978 978 7 787Impairment losses and provisions for loans and guarantees, net ( 68 722) ( 68 722) ( 18 180) ( 18 180) ( 86 902)Impairment losses and other provisions, net ( 6 024) 3 ( 8 212) ( 14 233) ( 1 802) ( 1 802) ( 16 035)N et inco me befo re inco me tax 12 020 1 525 ( 6 239) 7 306 152 314 ( 1 183) 151 131 158 437Income tax ( 8 438) ( 718) ( 250) ( 9 406) ( 15 959) ( 176) ( 16 135) ( 25 541)Earnings o f associated companies (equity method) 4 914 3 815 8 729 4 008 4 008 12 737Glo bal co nso lidated net inco me 8 496 807 ( 2 674) 6 629 136 355 2 649 139 004 145 633Income attributable to minority interest ( 22) ( 22) ( 69 433) ( 69 433) ( 69 455)C o nso lidated net inco me o f the B P I Gro up 8 474 807 ( 2 674) 6 607 66 922 2 649 69 571 76 178

Cash flow after taxes 92 363 851 5 538 98 752 95 154 2 713 97 867 196 619

Inter segment

operationsB P I Gro up

D o mestic o perat io ns Internatio nal o perat io ns


The BPI Group’s balance sheet as of December 31, 2014 Proforma and investments in tangible and intangible assets during the year, by segment, are as follows:

Commercial banking

Investment banking

Equity investments and

o thers



A SSET SCash and deposits at Central Banks 439 861 439 861 1 454 341 1 1 454 342 1 894 203Loans and advances to o ther credit institutions repayable on demand 533 973 54 737 14 311 ( 238 491) 364 530 57 546 7 57 553 ( 41 608) 380 475Financial assets held for trading and at fair value through pro fit or loss 2 602 807 301 199 ( 100 422) 2 803 584 214 125 24 214 149 3 017 733Financial assets available for sale 4 822 228 1 921 36 763 1 151 4 862 063 2 663 715 2 663 715 7 525 778Loans and advances to credit institutions 2 035 763 122 563 2 895 ( 952 337) 1 208 884 2 001 287 1 270 2 002 557 ( 622 624) 2 588 817Loans and advances to customers 23 301 317 139 505 ( 4 821) 23 436 001 1 832 968 1 832 968 25 268 969Held to maturity investments 120 842 9 041 ( 41 501) 88 382 88 382Hedging derivatives 155 708 93 ( 7 108) 148 693 148 693Non-current assets held for sale 11 604 11 604 11 604Investment Property 154 777 154 777 154 777Other tangible assets 61 457 964 62 421 141 440 378 141 818 204 239Intangible assets 21 722 350 22 072 2 808 3 2 811 24 883Investment in associated companies and jo intly contro lled entities 93 572 64 632 158 204 54 776 54 776 212 980Tax assets 413 666 753 ( 609) 413 810 7 863 858 8 721 422 531Other assets 739 473 16 710 179 ( 84 984) 671 378 18 019 298 18 317 ( 4 909) 684 786T OT A L A SSET S 35 508 770 647 836 118 171 ( 1 428 513) 34 846 264 8 394 112 57 615 8 451 727 ( 669 141) 42 628 850LIA B ILIT IES Resources o f central banks 1 561 185 1 561 185 1 561 185Financial liabilities held for trading 331 504 17 294 ( 24 283) 324 515 2 270 2 270 326 785Resources o f other credit institutions 2 211 916 22 898 21 657 ( 249 222) 2 007 249 29 344 80 29 424 ( 664 232) 1 372 441Resources o f customers and o ther debts 21 530 023 150 275 ( 994 618) 20 685 680 7 448 937 7 448 937 28 134 617Debt securities 2 343 569 ( 105 495) 2 238 074 2 238 074Financial liabilities relating to transferred assets 1 047 731 1 047 731 1 047 731Hedging derivatives 332 991 ( 5 772) 327 219 327 219Provisions 74 029 2 000 76 029 31 304 31 304 107 333Technical provisions 3 862 814 289 016 4 151 830 4 151 830Tax liabilities 24 926 1 390 ( 830) 25 486 13 057 4 087 17 144 42 630Other subordinated debt and participating bonds 79 355 4 182 ( 14 016) 69 521 69 521Other liabilities 696 690 15 293 1 942 ( 35 107) 678 818 40 965 5 450 46 415 ( 4 909) 720 324T OT A L LIA B ILIT IES 34 096 733 500 348 24 769 ( 1 428 513) 33 193 337 7 565 877 9 617 7 575 494 ( 669 141) 40 099 690SH A R EH OLD ER S' EQUIT YShareholders' equity attributable to the shareholders o f BPI 1 410 232 147 488 93 402 1 651 122 411 771 47 998 459 769 2 110 891M inority interest 1 805 1 805 416 464 416 464 418 269T OT A L SH A R EH OLD ER S' EQUIT Y 1 412 037 147 488 93 402 1 652 927 828 235 47 998 876 233 2 529 160T OT A L LIA B ILIT IES A N D SH A R EH OLD ER S' EQUIT Y 35 508 770 647 836 118 171 ( 1 428 513) 34 846 264 8 394 112 57 615 8 451 727 ( 669 141) 42 628 850

Investments made in:Property 1 882 1 882 1 882Equipment and other tangible assets 7 769 343 8 112 15 915 1 15 916 24 028Intangible assets 8 840 310 9 150 2 035 4 2 039 11 189

D o mest ic o perat io ns Internat io nal o perat io ns


B P I Gro up


The BPI Group’s income statement for the period ended June 30, 2014 Proforma, by segment, is as follows:

Commercial banking

Investment banking

Equity investment and others



F inancial margin (narro w sense) 117 540 1 836 ( 1 383) 117 993 102 833 ( 122) 102 711 220 704Gross margin on unit links 519 1 474 1 993 1 993Income from equity instruments 1 143 101 2 121 3 365 3 365Net commission relating to amortised cost 10 402 10 402 56 56 10 458F inancial margin 129 604 3 411 738 133 753 102 889 ( 122) 102 767 236 520Technical result o f insurance contracts 14 678 202 14 880 14 880Commission received 120 864 28 120 ( 19 153) 129 831 19 865 200 20 065 ( 625) 149 271Commission paid ( 27 228) ( 8 290) ( 14) 19 153 ( 16 379) ( 3 612) ( 1) ( 3 613) 625 ( 19 367)Other income, net 7 609 41 7 650 9 361 9 361 17 011N et co mmissio n inco me 101 245 19 871 ( 14) 121 102 25 614 199 25 813 146 915Gain and loss on operations at fair value 11 160 6 265 17 425 55 569 55 569 72 994Gain and loss on assets available for sale ( 131 310) 218 ( 131 092) ( 131 092)Interest and financial gain and loss with pensions 840 ( 5) ( 1) 834 834N et inco me o n f inancia l o perat io ns ( 119 310) 6 478 ( 1) ( 112 833) 55 569 55 569 ( 57 264)Operating income 15 826 3 15 829 350 52 402 16 231Operating expenses ( 22 862) ( 418) ( 23 280) ( 591) ( 1) ( 592) ( 23 872)Other taxes ( 1 906) ( 386) ( 2 292) ( 5 483) ( 36) ( 5 519) ( 7 811)N et o perat ing expenses ( 8 942) ( 801) ( 9 743) ( 5 724) 15 ( 5 709) ( 15 452)Operat ing inco me fro m banking act ivity 117 275 29 161 723 147 159 178 348 92 178 440 325 599Personnel costs ( 137 644) ( 11 553) ( 86) ( 149 283) ( 31 078) ( 925) ( 32 003) ( 181 286)General administrative costs ( 86 394) ( 6 076) ( 15) ( 92 485) ( 28 238) ( 277) ( 28 515) ( 121 000)Depreciation and amortisation ( 7 585) ( 615) ( 8 200) ( 6 775) ( 52) ( 6 827) ( 15 027)Overhead co sts ( 231 623) ( 18 244) ( 101) ( 249 968) ( 66 091) ( 1 254) ( 67 345) ( 317 313)Recovery of loans, interest and expenses 7 452 7 452 1 026 1 026 8 478Impairment losses and provisions for loans and guarantees, net ( 94 052) ( 15) ( 94 067) ( 5 995) ( 5 995) ( 100 062)Impairment losses and other provisions, net ( 4 771) ( 86) ( 4 857) ( 1 462) ( 1 462) ( 6 319)N et inco me befo re inco me tax ( 205 719) 10 816 622 ( 194 281) 105 826 ( 1 162) 104 664 ( 89 617)Income tax 31 819 ( 3 507) 49 28 361 ( 10 049) 268 ( 9 781) 18 580Earnings o f associated companies (equity method) 4 899 2 809 7 708 3 677 3 677 11 385Glo bal co nso lidated net inco me ( 169 001) 7 309 3 480 ( 158 212) 95 777 2 783 98 560 ( 59 652)Income attributable to minority interest ( 658) ( 658) ( 49 021) ( 49 021) ( 49 679)C o nso lidated net inco me o f the B P I Gro up ( 169 659) 7 309 3 480 ( 158 870) 46 756 2 783 49 539 ( 109 331)

Cash flow after taxes ( 63 251) 8 025 3 480 ( 51 746) 60 988 2 835 63 823 12 077

D o mestic o perat io ns Internatio nal o perat io nsInter

segment operations

B P I Gro up


4. NOTES

4.1. Cash and deposits at Central Banks This caption is made up as follows:

The caption “Demand deposits at the Bank of Portugal” includes deposits made to comply with the minimum cash reserve requirements of

the Eurosystem. These deposits bear interest and correspond to 1% of the amount of customers’ deposits and debt securities issued

maturing in up to 2 years, excluding liabilities to other institutions subject to and not exempt from the same minimum reserve system,

liabilities to the ECB and national central banks that participate in the euro.

The caption “Demand deposits at foreign Central Banks” includes deposits made by Banco de Fomento Angola in Banco Nacional de

Angola (BNA) to comply with Angola’s requirements for the maintenance of compulsory cash reserves. These deposits do not bear

interest.

Compulsory cash reserves at June 30, 2015 are calculated in accordance with the terms of BNA Instruction 08/2015 of June 3 and are

held in kwanzas and in dollars, based on the currency of the liabilities which serve as a basis for determining the amount and must be

maintained during the whole period to which they refer. At June 30, 2015 the requirement to maintain compulsory cash reserves was

calculated by application of the rate of 25% to the mathematical average of the eligible liabilities in kwanzas and 15% to the mathematical

average of the eligible liabilities in other currencies. Compulsory cash reserves in kwanzas can be made up to 10% of the liability in

Treasury Bonds, provided that they are issued as from January 2015.

At December 31, 2014 compulsory cash reserves were calculated under the terms of BNA Instruction 07/2014 of December 3 and must be

held in kwanzas and in dollars, based on the currency of the liabilities which serve as a basis for determining the amount, and must be

maintained during the whole period to which they refer. At December 31, 2014 the requirement to maintain compulsory cash reserves was

calculated by application of the rate of 15% to the mathematical average of the eligible liabilities in kwanzas and in other currencies.

4.2. Deposits at other Credit Institutions This caption is made up as follows:

Cheques for collection from domestic Credit Institutions correspond to cheques drawn by third parties against domestic credit institutions,

which in general do not remain in this account for more than one business day.

Cash 339 642 446 448Demand deposits at the Bank of Portugal 210 556 211 668Demand deposits at foreign Central Banks 1 462 638 1 236 070Accrued interest 17

2 012 836 1 894 203


Jun. 30, 15

Domestic Credit Institutions Demand deposits 3 858 3 244 Cheques for collection 179 919 59 795 Other 571 1 957Foreign Credit Institutions Demand deposits 359 090 309 722 Cheques for collection 8 208 5 757Impairment ( 2)

551 644 380 475


Jun. 30, 15


4.3. Financial assets held for trading and at fair value through profit or loss This caption is made up as follows:

This caption includes the following assets hedging capitalisation insurance products issued by BPI Vida e Pensões:

Financial assets held for trading

Debt Instruments

Bonds issued by Portuguese government entities 45 565 86 482

Bonds issued by foreign government entities 336 030 217 493

Bonds issued by other Portuguese entities

Non-subordinated debt 15 936 17 095 Subordinated debt 92

Bonds issued by foreign financial entities 182

Bonds issued by other foreign entities

Non-subordinated debt 39 642 35 363

437 447 356 433

Equity instruments

Shares issued by Portuguese entities 176 301 150 276

Shares issued by foreign entities 130 176 102 435

306 477 252 711

Other securities Participating units issued by Portuguese entities 150 153

Participating units issued by foreign entities 105 98

255 251

744 179 609 395

Financial assets at fair value through profit or loss

Debt Instruments

Bonds issued by Portuguese government entities 48 337 83 372

Bonds issued by foreign government entities 1 481 127 1 486 446

Bonds issued by other Portuguese entities


Subordinated debt 777 102

Bonds issued by other foreign entities


Subordinated debt 2 103 2 245

1 695 779 1 726 808

Equity instruments

Shares issued by Portuguese entities 4 723 1 712

Shares issued by foreign entities 8 726 1 980

13 449 3 692

Other securities Participating units issued by Portuguese entities 80 070 43 447 Participating units issued by foreign entities 709 575 344 360

789 645 387 8072 498 873 2 118 307

Derivative instruments with positive fair value (Note 4.4) 270 106 290 0313 513 158 3 017 733

Jun. 30, 15Dec. 31, 14 Proforma

Debt Instruments Of public entities 1 529 464 1 569 818 Other entities 166 315 156 838Equity Instruments 13 449 4 096Other securities 752 886 358 550Derivative instruments w ith positive fair value 2 547 1 099

2 464 661 2 090 401



4.4. Derivatives The caption “Derivative instruments held for trading” (Notes 4.3 and 4.17) is made up as follows:

1 In the case of swaps and forwards only the asset amounts were considered. 2 Parts of operations that are autonomous for accounting purposes, commonly referred to as "embedded derivatives”. 3 Corresponds to derivatives associated to financial liabilities relating to transferred assets (Note 4.21).

The caption “Derivative instruments held for hedging” is made up as follows:

1 In the case of swaps and forwards only the asset amounts were considered.

The BPI Group’s operations include carrying out derivative transactions to manage its own positions based on expectations regarding

market evolution, to meet the needs of its customers or hedge positions of a structural nature (hedging).

The BPI Group carries out financial derivative transactions in the form of contracts over exchange rates, interest rates, goods and metals

futures price, shares or share indices (relating, among others, to inflation, shares) or a combination of these. These transactions are

realised in over-the-counter (OTC) markets and in organised markets (especially stock exchanges).

Derivatives traded on organised markets follow the standards and rules of these markets.

Derivatives traded on the over-the-counter (OTC) markets are normally based on a standard bilateral contract that covers the group of

operations over derivatives between the parties. In the case of inter-professional relationships, there is an ISDA – International Swaps and

Derivatives Association Master Agreement. In the case of relations with customers there is a BPI contract.

These types of contract include offsetting responsibilities in the event of non-compliance (the scope of the offsetting is established in the

contract itself and is regulated by Portuguese legislation and, in the case of contracts with foreign counterparties or subject to foreign

legislation, by the appropriate legislation).

Assets Liabilities Assets Liabilities

Exchange rate contracts

Futures 873 1 21 499 15

Exchange forw ards and sw aps 1 206 244 18 295 18 259 1 471 401 1 656 2 800

Interest rate contracts

Futures 123 069 2 1 93 630 36 1

Options 380 186 2 036 1 779 365 726 2 217 1 122

Sw aps 5 487 232 198 928 220 217 5 673 703 236 076 256 228

Contracts over shares

Futures 9 335 87 52 9 487 61 122

Sw aps 353 782 4 913 36 212 313 424 2 630 21 805

Options 611 176 1 973 159 267 637 1 192

Contracts over other underlying items

Futures 222 625 490 50 519

Options 67 898

Others

Options2 904 341 43 226 42 679 978 496 42 660 43 444

Others3 1 735 371 294 1 807 933 464

Overdue derivatives 155 3 488

11 102 132 270 106 319 673 11 032 455 290 031 325 986

Jun. 30, 15 Dec. 31, 14 Proforma

Notional value1

Book value Notional value1

Book value

Assets Liabilities Assets Liabilities

Interest rate contracts

Futures 88 686 24 82 135 381 30 171

Sw aps 10 119 993 105 879 233 469 12 370 356 148 645 312 488

Contracts over shares

Sw aps 677 714 3 218 3 914 499 815 18 14 471

Contracts over other underlying items

Sw aps 3 262 17 9 232 89

10 889 655 109 121 237 482 13 014 784 148 693 327 219

Notional value1


Book valueNotional value1

Book value


Derivative contracts can also include an agreement to collateralise the credit risk generated by the transactions covered by them.

Derivative contracts between two parties normally include all the derivative OTC transactions carried out between the two parties,

irrespective of whether they are for hedging purposes or not.

In accordance with IAS 39, the parts of operations normally known as “embedded derivatives” are also considered separately and

recorded as derivatives, in order to recognise, in net income, the fair value of these operations.

All derivatives (embedded or autonomous) are recorded at market value.

Derivatives are also recorded as off balance sheet items by their theoretical value (notional value). Notional value is the reference value for

purposes of calculating the flow of payments and receipts resulting from the operation.

Market value (fair value) corresponds to the value of the derivatives if they were traded on the market on the reference date. Changes in

the market value of derivatives are recognised in the appropriate balance sheet accounts and have an immediate effect on net income.

Note 4.49 includes details of the valuation methods used to determine the fair value of derivative financial instruments.

The amount of the exposure corresponds to the present value of the estimated loss, in the case of counterparty default. In the case of a

derivative contract that establishes the compensation of responsibilities in the event of non-compliance, the amount of the exposure is the

sum of the market values of the operations covered by the contract, when positive. In the case of operations for which the contract does

not establish the compensation of responsibilities, the amount of the exposure is equal to the sum of the market values of each individual

transaction, if positive. The scope of the compensation clauses, in the case of default, is considered by the BPI Group on a conservative

perspective, considering that, in the case of doubt, compensation does not exist.

The potential loss in a group of derivative operations on a given date corresponds to the amount of the exposure on that date. In futures

contracts, the stock markets being the counterparties for the BPI Group’s operations, the credit risk is eliminated daily through financial

settlement. For medium and long term derivatives, contracts usually provide for the netting of outstanding balances with the same

counterparty, which eliminates or reduces credit risk. Additionally, in order to control credit risk on OTC derivatives, some agreements

have also been signed under which the Bank receives from, or transfers to, the counterparty, assets (in cash or in securities) to guarantee

fulfilment of the obligations.


At June 30, 2015 the notional value, by term remaining to maturity was as follows:

<= 3 months> 3 months<= 6 months

>6 months<= 1 year

> 1 year <= 5 years

> 5 years Total

Over-the-counter market

Exchange rate contracts 894 048 20 022 292 174 1 206 244

Forw ards 441 437 17 958 291 459 750 854

Sw aps 452 611 2 064 715 455 390

Interest rate contracts 2 007 987 2 154 035 3 303 032 5 206 519 3 315 838 15 987 411

Sw aps 1 988 686 2 019 200 3 216 221 5 079 652 3 303 466 15 607 225

Options 19 301 134 835 86 811 126 867 12 372 380 186

Contracts over indexes and shares 525 725 21 126 208 846 842 957 41 000 1 639 654

Sw aps 478 050 21 126 108 748 423 572 1 031 496

Options 47 675 100 098 419 385 41 000 608 158

Contracts over other underlying items 3 262 3 262

Sw aps 3 262 3 262

Others 224 428 556 466 120 714 1 275 918 462 186 2 639 712

Options 224 428 13 625 120 714 478 321 67 253 904 341

Others 542 841 797 597 394 933 1 735 371

3 652 188 2 751 649 3 928 028 7 325 394 3 819 024 21 476 283

Organized markets

Exchange rate contracts 873 873

Futures 873 873

Interest rate contracts 156 009 17 871 23 406 14 469 211 755

Futures 156 009 17 871 23 406 14 469 211 755

Contracts over indexes and shares 9 335 3 018 12 353

Futures 9 335 9 335

Options 3 018 3 018


Futures 222 625 222 625

Options 67 898 67 898

456 740 17 871 26 424 14 469 515 504

4 108 928 2 769 520 3 954 452 7 339 863 3 819 024 21 991 787


At December 31, 2014 the notional value, by term remaining to maturity was as follows:

<= 3 months > 3 months<= 6 months

>6 months<= 1 year

> 1 year <= 5 years

> 5 years Total

Over-the-counter market

Exchange rate contracts 1 199 426 259 590 12 385 1 471 401

Forw ards 213 026 257 733 12 385 483 144

Sw aps 986 400 1 857 988 257

Interest rate contracts 2 234 185 1 255 551 4 229 142 7 289 253 3 401 654 18 409 785

Sw aps 2 221 191 1 245 276 4 017 833 7 175 107 3 384 652 18 044 059

Options 12 994 10 275 211 309 114 146 17 002 365 726

Contracts over indexes and shares 304 391 9 234 123 069 544 132 41 000 1 021 826

Sw aps 304 391 9 034 75 885 423 929 813 239

Options 200 47 184 120 203 41 000 208 587

Contracts over other underlying items 5 970 3 262 9 232

Sw aps 5 970 3 262 9 232

Others 107 11 232 773 435 1 519 205 482 450 2 786 429

Options 107 11 232 208 580 690 958 67 619 978 496

Others 564 855 828 247 414 831 1 807 933

3 738 109 1 541 577 5 141 293 9 352 590 3 925 104 23 698 673

Organized markets

Exchange rate contracts 499 499

Futures 499 499

Interest rate contracts 137 183 42 355 49 473 229 011

Futures 137 183 42 355 49 473 229 011

Contracts over indexes and shares 68 537 68 537

Futures 9 487 9 487

Options 59 050 59 050


Futures 50 519 50 519

256 738 42 355 49 473 348 566

3 994 847 1 541 577 5 183 648 9 402 063 3 925 104 24 047 239


At June 30, 2015 the distribution of derivative operations, by counterparty external rating, was as follows:

Note: The amounts were accumulated by rating levels of the counterparties, considering the senior medium and long term debt ratings attributed by the

Moody, Standard & Poor and Fitch agencies as of the reference date. The selection of a rating for a given counterparty follows the rules recommended by the

Basel Committee in force on the reference date (where there are diverging ratings the second best was selected). The operations with entities without ratings

(N.R.) correspond essentially to Customers subject to internal ratings. 1 Does not include embedded derivatives and other options in the amount of 2 639 712 t. euro. 2 Gross exposure used for risk management purposes, without considering netting agreements, collateral and value adjustment due to credit risk. 3 Amount of exposure without considering collateral and value adjustment due to credit risk. 4 Amount of exposure considering netting agreements and collateral. The amount of possible exposure from excess collateral placed by BPI in its

counterparties is not classified as derivative exposure. 5 The exposure of the futures is nil, because they are traded on organised stock exchanges and there is daily financial settlement.

Notional Value1

Gross exposure 2

Exposure considering netting3

Net exposure4

Over-the-counter market (OTC)

AA- 1 190 377 5 323 2 138 273

A+ 1 209 084 4 641 2 301 2 301

A 3 831 832 65 247 45 428 3 511

A- 2 467 632 13 658 2 302 922

BBB+ 2 294 153 16 297 1 625 191

BBB 760 350 22 816 5 235 2 375

BBB- 2 947 013 27 672

BB 715

BB- 87 854 7 539 3 956 346

N.R. 4 047 561 226 675 225 534 199 534

18 836 571 389 869 288 519 209 452

Traded on the stock exchange

Futures5 515 504

515 504

19 352 075 389 869 288 519 209 452

Jun. 30, 15


At December 31, 2014 the distribution of derivative operations, by counterparty external rating, was as follows:

Note: The amounts were accumulated by rating levels of the counterparties, considering the senior medium and long term debt ratings attributed by the

Moody, Standard & Poor and Fitch agencies as of the reference date. The selection of a rating for a given counterparty follows the rules recommended by the

Basel Committee in force on the reference date (where there are diverging ratings the second best was selected). The operations with entities without ratings

(N.R.) correspond essentially to Customers subject to internal ratings. 1 Does not include embedded derivatives and other options in the amount of 2 786 429 t. euro. 2 Amount of exposure used for risk management purposes, without considering netting agreements, collateral and value adjustment due to credit risk. 3 Amount of exposure without considering collateral and value adjustment due to credit risk. 4 Amount of exposure considering netting agreements and collateral. The amount of possible exposure from excess collateral placed by BPI in its

counterparties is not classified as derivative exposure. 5 The exposure of the futures is nil, because they are traded on organised stock exchanges and there is daily financial settlement.

Notional

Value1

Gross

exposure 2

Exposure considering

netting3

Net

exposure4

Over-the-counter market (OTC)

AA- 516 837 5 989 3 442 42

A+ 1 229 627 3 211 650 192

A 6 853 257 88 856 49 923 4 083

A- 1 423 410 6 144 4 148 1 488

BBB+ 2 836 954 35 215 3 376 706

BBB 693 871 12 250 8 066 2 336

BBB- 3 726 114 28 513 9 126 2 645

BB+ 57 354 8 465 4 358

BB- 205 819 1 096 1 096 1 096

N.R. 3 369 001 243 783 243 188 243 188

20 912 244 433 521 327 373 255 776

Traded on the stock exchange

Futures5 348 566

348 566

21 260 810 433 521 327 373 255 776

Dec. 31, 14


4.5. Financial assets available for sale

This caption is made up as follows:

Banco BPI holds a portfolio of fixed rate bonds, issued by national and international entities, in which the interest rate risk is hedged by

derivative instruments.

In the first half of 2014 the BPI Group sold bonds issued by Portuguese and foreign government entities with a nominal value of 850 000

t. euro and 487 500 t. euro, respectively. The impact of the sale was recognised in “Net income on financial operations”.

The caption “Loans and other receivables” corresponds to shareholders’ loans to, and supplementary capital contributions in, companies

classified as financial assets available for sale.

In the review made by the Bank, no impaired securities were identified, other than the amounts already recognised.

The changes in impairment losses and provisions in the first half of 2015 and 2014 are shown in Note 4.22.

Debt instruments Bonds issued by Portuguese government entities 3 020 129 3 352 382 Bonds issued by foreign government entities 3 666 245 3 226 519 Bonds issued by other Portuguese entities Non-subordinated debt 500 498 Bonds issued by other foreign entities Non-subordinated debt 190 265 139 068 Subordinated debt 163 747 491 125

7 040 886 7 209 592Equity instruments Shares issued by Portuguese entities 68 430 70 000 Impairment ( 28 403) ( 27 851) Quotas 57 829 59 844 Shares issued by foreign entities 39 602 39 476 Impairment ( 18 595) ( 18 524)

118 863 122 945Other securities Participating units issued by Portuguese entities 231 416 230 921 Impairment ( 43 451) ( 41 611) Participating units issued by foreign entities 5 133 4 418 Impairment ( 1 784) ( 1 734)

191 314 191 994 Loans and other receivables 22 828 22 606 Impairment ( 21 607) ( 21 359)

1 221 1 247 Overdue bonds 1 045 Impairment on overdue bonds ( 1 045)

7 352 284 7 525 778



At June 30, 2015 this caption was made up as follows:

1 Net of impairment. 2 Amount recorded in revaluation reserves (Note 4.31).

N o minalList ing /

P riceC o st

B o o k Value / F air Value 1

N et gain/ ( lo ss) o n

securit ies 2

H edge acco unt ing

ef fect 2

Impairment

D ebt InstrumentsIssued by P o rtuguese Ent it ies

P o rtuguese P ublic D ebtTreasury Bills

BILHETES DO TESOURO - CZ 17.07.2015 154 984 000 1.00 1.00 154 843 154 982 7BILHETES DO TESOURO CZ-18.12.2015 278 122 000 1.00 1.00 277 716 278 005 77BILHETES DO TESOURO-CZ-18.03.2016 374 483 000 1.00 1.00 374 299 374 202 ( 141)BILHETES DO TESOURO-CZ-18.09.2015 295 825 000 1.00 1.00 295 641 295 772 1BILHETES DO TESOURO-CZ-20.05.2016 277 393 000 1.00 1.00 277 270 276 977 ( 302)BILHETES DO TESOURO-CZ-20.11.2015 329 177 000 1.00 1.00 328 822 329 068 38BILHETES DO TESOURO-CZ-21.08.2015 98 000 000 1.00 1.00 97 861 97 997 21BILHETES DO TESOURO-CZ-22.01.2016 373 000 000 1.00 1.00 372 510 372 821 114

2 178 962 2 179 824 ( 185)Treasury Bonds

OT - 3.35% (15.10.2015) 100 000 0.01 100.93 139 103 2OT - 4.35% (16.10.2017) 1 550 000 0.01 108.18 1 627 1 725 78OT - 4.75% (14.06.2019) 740 000 000 0.01 113.10 785 666 838 477 76 550 ( 95 714)

787 432 840 305 76 630 ( 95 714)Other R esidents

N o n - Subo rdinated debtOther Bonds

SEM APA - 2006/2016 500 000 50 000.00 49 850.00 495 500 ( 1) 495 500 ( 1)

Issued by no n - residentsB y fo reign go vernment ent it iesBonds

BILHETES DO TESOURO - Angola 108 310 594 7.39 754 581 771 629BUONI POLIENNALI DEL T-4.25%-01.09.2019 312 500 000 1 000.00 1 131.80 319 558 358 078 38 226 ( 44 499)BUONI POLIENNALI DEL T-4.5%-01.03.2019 175 000 000 1 000.00 1 130.90 185 458 200 511 18 867 ( 23 545)OBRIGAÇÕES DO TESOURO - AKZ - Angola 2 076 119 738.93 1 987 176 2 023 587OBRIGAÇÕES DO TESOURO - USD - Angola 44 734 147.79 305 541 312 440

3 552 314 3 666 245 57 093 ( 68 044)Others no n - residents

N o n - subo rdinated D ebtBonds

ALLIANZ FINANCE BV-4.375% PERP. 47 500 000 103.53 44 578 49 931 2 064 ( 3 243)ATLANTES M ORTGAGE -SR.1-CL.A (17.1.2036) 647 767 12 955.33 12 759.32 565 639 ( 10)BARCLAYS BANK PLC-TV-25.05.2017 2 777 078 39 672.54 32 479.91 2 006 2 274 ( 203)CELF LOAN PART.BV-SR.2005-1X CL.A 2021 1 560 1.95 1.95 2 2COSAN FINANCE LTD-7%-01.02.2017 17 874 698 893.73 950.08 17 686 19 519 1 195 ( 1 601)DUCHESS-SR.V-X CL.B-TV.25.05.2021 40 166 50.21 48.32 37 39EIRLES TWO LIM ITED-TV. PERP. 800 000 100 000.00 68 350.00 794 550 ( 253)GAZ CAPITAL(GAZPROM )-6.212% (22.11.2016) 29 046 385 893.73 924.47 28 946 30 236 1 013 ( 1 861)KION M ORTGAGE FIN SR.06-1 CL.A-15.07.51 68 606 1 071.97 836.84 68 54 ( 15)LAFARGE-4.25% (23.03.2016) 30 000 000 1 000.00 1 024.41 29 576 31 077 829 ( 998)LAFARGE-6.5%-15.07.2016 8 043 614 893.73 935.27 8 271 8 657 350 ( 399)OTE PLC-4.625%-20.05.2016 25 000 000 50 000.00 46 795.00 24 919 23 527 ( 1 593) ( 849)PORTUGAL TELCM INT FIN-4.375%(24.3.2017) 23 000 000 1 000.00 1 021.33 22 133 23 760 852 ( 1 816)

179 581 190 265 4 229 ( 10 767)

N ature and type o f security Quantity

A mo unts per unit



N o minalList ing /

P riceC o st



securit ies 2

H edge acco unt ing

ef fect 2

Impairment

Subo rdinated D ebtBonds

AVOCA CLO SR.IV-X CL.B-TV.(18.02.2022) 800 000 100 000.00 99 130.00 746 794 ( 3)BANCO SABADELL-5.234%-PERPETUA 50 000 50 000.00 47 750.00 49 50 ( 2)C8 CAPITAL SPV -TV - PERPETUA 58 092 770 893.73 784.25 57 849 50 976 ( 7 116)GENERALI FINANCE BV - 5.479% - PERPETUAS 75 000 000 50 000.00 50 994.50 75 979 78 091 1 323 ( 4 985)GRANITE M ASTER-SR.2006-1A-CL.A5-20.12.54 390 453 70.99 70.62 386 388 ( 2)GRANITE M ORTG.-TV(20.3.2044)-SR.04-1/2C 500 000 100 000.00 103 251.40 499 516 16GRANITE M ORTG.-TV(20.3.2044)-SR.04-1/2M 500 000 100 000.00 100 665.30 499 503 3GRANITE M ORTG.-TV(20.9.2044)-SR.04-3/2C 153 488 383.72 383.85 152 154HARBOURM ASTER CLO-S.4X-CL.A3(11.10.2019) 216 868 0.43 0.43 213 215 ( 1)LUSITANO M TGE-SR.1-CL.D-TV (15.12.2035) 200 000 100 000.00 82 210.00 198 165 ( 36)M ADRID RM BS FTA-SR.06-1 CL.A2-22.06.2049 188 057 47 014.31 43 551.75 185 174 ( 11)OLD M UTUAL PLC-OB.PERPETUA 14 000 000 1 000.00 999.52 13 903 14 450 7 ( 197)PELICAN M ORTGAGES-2/B (15.9.2036) 290 000 10 000.00 9 150.96 286 266 ( 25)RHODIUM BV - SR.1X- CL.C (27.5.2084) 800 000 100 000.00 85 000.00 785 681 ( 120)SIEM ENS FINANCIERINGSM AT-5.25% 14.9.2066 15 000 000 1 000.00 1 046.73 15 250 16 324 665 ( 747)

166 979 163 747 ( 5 302) ( 5 929)

Equity instrumentsIssued by residentsShares

AGROGARANTE SA 637 320 1.00 1.00 637 637ALAR - EM P.IBERICA M ATERIAL AERONAUTICO 2 200 4.99 20 20ALBERTO GASPAR, SA 60 000 5.00 141 141APIS-SOC.IND.PARQUETES AZARUJENSE (C) 65 000 4.99APOR-AG.P/M ODERNIZAÇAO PORTO - CL.B 5 665 5.00 26 26BOAVISTA FUTEBOL CLUBE, FUTEBOL,SAD 21 900 5.00 110 110BOM BARDIER TRANSPORTATION PORTUGAL SA 1 5.00BUCIQUEIRA SGPS 8 5.00 1 1Cª AG.FONTE SANTA M ONFORTINHO-D.SUB/E.98 10 5.00CADERNO VERDE - COM UNICAÇAO (C) 134 230 1.00 967 967CARM O & BRAZ (C) 65 000 4.99CIM POR - CIM .DE PORTUGAL-SGPS 3 565 1.00 0.96 7 3 ( 3)COM Pª AURIFICIA - N 1 186 7.00 1 111.30 25 1 318 1 293COM Pª PRESTAM ISTA PORTUGUEZA 10 1.00COM Pª.FIAÇAO E TECIDOS DE FAFE - P 168 4.99COM UNDO-CONSORCIO M UNDIAL IM P.EXP. 3 119 0.50 5 1 4CONDURIL, SA 184 262 5.00 54.47 806 10 036 9 231CORTICEIRA AM ORIM - SGPS 127 419 1.00 3.89 315 496 422 240DIGITM ARKET-SIST.INF.-N 4 950 1.00 743 743EM P.CINEM ATOGRAFICA S.PEDRO 100 4.99EM PRESA O COM ERCIO DO PORTO 50 2.49 1 1ESENCE - SOC.NAC.CORTICEIRA - N 54 545 4.99ESTAM PARIA IM PERIO-EM P.IND.IM OBILIARIOS 170 4.99 1 1EURODEL-IND.M ETALURGICAS E PARTICIPAÇOES 8 5.00EUROFIL - IND.PLAST.E FILAM . 11 280 4.99 25 25F.I.T.-FOM .IND.TOM ATE - P 148 4.99 3 3FAB. VASCO DA GAM A - IND.TRANSF. 33 4.99 1 1GAP - SGPS 548 4.99 3 3GARVAL - SOCIEDADE DE GARANTIA M UTUA 835 420 1.00 1.00 835 835GEIE - GESTÃO ESPAÇOS INC.EM PRESARIAL(C) 12 500 1.00 13 13GESTINSUA - AQ.AL.PATRIM ONIOS IM OB.M OB. 430 5.00 2 2GREGORIO & CA. 1 510 4.99 4 4IM PRESA SGPS 6 200 000 0.50 0.85 22 791 5 271 3 348 20 868INCAL-IND.E COM .DE ALIM ENTAÇÃO 2 434 1.13 2 2INTERSIS AUTOM AÇAO, ENG.DE SISTEM AS 42 147 4.99 1 307 1 307J.SOARES CORREIA-ARM AZENS DE FERRO 84 5.00 2 2JOTOCAR - JOÃO TOM AS CARDOSO - P 3 020 4.99 8 8LISGARANTE - SOC.DE GARANTIA M UTUA 229 365 1.00 1.00 229 229LISNAVE - EST.NAVAIS 180 5.00 1 1M ARGUEIRA-SOC.GEST.DE FUNDOS INV.IM OB.-N 3 511 5.00 18 18M ATUR-SOC.EM PREEND.TURISTICOS DA M ADEIRA 13 175 5.00 143 143M ATUR-SOC.EM PREEND.TURISTICOS M ADEIRA-N 4 5.00M ETALURGIA CASAL - P 128 4.99 1 1M IM ALHA, SA 40 557 4.99 336 336M ORETEXTILE,SGPS,SA 711 1.00 1 1


A mo unts per unit



N o minalList ing /

P riceC o st



securit ies 2

H edge acco unt ing

ef fect 2

Impairment

Shares (cont.)NET - NOVAS EM PRESAS E TECNOLOGIAS - N 20 097 5.00 3.00 73 60 ( 13)NEWPLASTICS 1 445 1.00 1 1NEXPONOR-SICAFI 1 933 840 5.00 3.83 9 669 7 405 2 264NORGARANTE - SOC.DE GARANTIA M UTUA 30 350 1.00 1.00 30 30NOTORIOUSWAY, SA 2 500 1.00 3 3NUTROTON SGPS - C 11 395 5.00 4.38 50 50OFICINA DA INOVACAO 10 000 5.00 7.22 50 72 32 10PORTO DE CAVALEIROS , SGPS 2 4.99PORTUGAL CAP. VENTURES-SOC.CAP.RISCO 500 641 5.00 5.68 2 692 2 844 152PRIM US - PROM .DESENVOLVIM ENTO 8 000 1.00 40 16 24SALVOR - SOC.INV.HOTELEIRO - P 10 5.00SANJIM O - SOCIEDADE IM OBILIARIA 1 620 4.99 8 8SAPHETY LEVEL - TRUSTED SERVICES 5 069 1.00 98 98SDEM -SOC.DE DESENV.EM PR.M ADEIRA,SGPS-N 937 500 1.00 0.29 938 273 665SENAL-SOC.NAC.DE PROM OÇÃO DE EM PRESAS-P 450 0.50SIBS - SGPS, SA 738 455 5.00 3 115 3 115SOC.CONSTRUÇÕES ERG 50 4.99SOC.CONSTRUÇÕES ERG (EM .93) - IR (C) 6 4.99SOC.INDUSTRIAL ALIANÇA (VN 500.$00) 1 2.49SODIM UL-SOC.DE COM ERCIO E TURISM O 25 14.96 2 2SOFID-SOC.P/FIN.DES.-INST.FIN.CREDITO SA 1 000 000 1.00 0.93 1 250 929 321SOM OTEL-SOC.PORTUGUESA DE M OTEIS 1 420 2.50SONAE - SGPS 36 868 1.00 1.18 69 43 29 55SOPEAL-SOC.PROM .EDUC.ALCACERENSE 100 4.99SPIDOURO-SOC.PROM .EM P.INV.DOURO E T.M . 15 000 4.99 75 75SPI-SOC PORTUGUESA DE INOVACAO 1 500 5.00 7 7STAR - SOC. TURISM O E AGENCIAS RIBAM AR 533 4.99 3 3TAEM - PROCESSAM ENTO ALIM ENTAR,SGPS, SA 125 1.00TAGUSPARQUE - N 436 407 5.00 2 177 2 177TEIXEIRA DUARTE S.A.CAP.RED.2012 672 294 0.50 0.54 534 362 ( 173)TELECINE M ORO - SOC.PRODUTORA DE FILM ES 170 4.99 1 1TEROLOGOS-TECNOLOGIAS DE M ANUTENÇÃO - P 7 960 4.99 40 40TEXTIL LOPES DA COSTA 4 900 4.99 8 8TUROPA-OPERADORES TURISTICOS 5 4.99UNICER - BEBIDAS DE PORTUGAL 1 002 1.00 8.07 8 8VIALITORAL - CONC. RODOVIARIA M ADEIRA 4 750 161.25 766.95 792 3 643 2 851VNCORK SGPS 151 1.00XELB-CORK - COM .E INDUSTRIA DE CORTIÇA 87 4.99

51 263 40 027 17 169 28 403Quotas

PROPAÇO - SOC.IM OB.DE PAÇO D'ARCOS 1.00 1 1VIACER - SOC.GEST.PART.SOCIAIS, SA 1.00 48 160 57 828 9 668

48 161 57 829 9 668Issued by no n residentsShares

ALTITUDE SOFTWARE B.V. 6 386 243 0.04 13 810 13 810AM SCO -USD 1 807 893.73 894 894BVDA 269 269CAIXABANK ELECTRONIC M ONEY, EDE, SL 35 000 1.00 88 88CLUB FINANCIERO VIGO 1 15 626.31 18 12 6CORPORACIÓN FINANCIERA ARCO (TROCA ARCO B 7 786 100.00 98.61 4 399 768 3 631CREDIT LOGEM EN DEVELOPM ENT 20 70.00 70.00 1 1EASDAQ NV 100 1.42 25 25EM IS-EM PRESA INTERBANCÁRIA DE SERVIÇOS (CAPITAL) 2 472 2 472EUROPEAN INVESTM ENT FUND 14 1 000 000.00 1 199 799.33 15 325 16 797 1 472GROWELA CABO VERDE 19 000 9.13 173 173IM C-INSTITUTO DO M ERCADO DE CAPITAIS 2 2INTERBANCOSNCG BANCO SA 18 588 1.00 29 29OSEO - SOFARIS 13 107.89 107.89 2 2S.W.I.F.T. 97 125.00 216 216SOPHA(BFA E FESA) 3 3THARWA FINANCE - M AD 20 895 197 274 77UNIRISCO GALICIA 80 1 202.02 1 286.23 96 103 34 27VISA EUROPE LIM ITED 1 10.00

38 019 21 007 1 583 18 595


A mo unts per unit



Banco BPI carried out a series of operations relating to the transfer of financial assets (Loans to customers) to specialized credit recovery

funds (Fundo de Recuperação, FCR and Fundo de Reestruturação Empresarial FCR). These funds aim to recover companies that,

despite having financial difficulties, have sustainable business models.

In addition, under the transfer of asset operations, the Bank subscribed for:

- participating units in the credit recovery funds and in the companies controlled by these funds;

- shares and shareholders’ loans of companies controlled by these funds.

The credit recovery funds in which Banco BPI participates have a specific management structure, fully independent of the Bank and are

held by several banks in the market (which are credit transferors). The Bank has a minority interest in these funds.

N o minalList ing /

P riceC o st



securit ies 2

H edge acco unt ing

ef fect 2

Impairment

OthersIssued by residentsParticipating Units

CITEVE - CENT.TEC.IND.TEX.VEST.PORTUGAL 20 498.80 10 10EGP-UNIVERSITY OF PORTO BUS.SCHOOL ASS. 2 4.99 70 70FCR - FUNDO REVITALIZAR CENTRO 7 272 727 1.00 0.99 7 273 7 187 ( 86)FCR - FUNDO REVITALIZAR NORTE 7 272 728 1.00 0.99 7 273 7 190 ( 82)FCR - FUNDO REVITALIZAR SUL - CAT.A2 1 818 182 1.00 0.98 1 818 1 785 ( 33)FCR - FUNDO REVITALIZAR SUL - CAT.B2 1 818 181 1.00 0.98 1 818 1 786 ( 33)FCR - FUNDO REVITALIZAR SUL - CAT.C2 1 818 182 1.00 0.98 1 818 1 786 ( 33)FCR F-HITEC (ES VENTURES) 500 000 1.00 1.26 500 631 131FCR PORTUGAL VENTURES GPI 9 25 000.00 19 733.45 200 180 3 22FCR PORTUGAL VENTURES-FIEP 3 744 1 000.00 755.27 3 744 2 828 916FCR PV ACTEC - CATEGORIA A1 67 249 1.00 0.98 78 66 12FCR PV ACTEC - CATEGORIA B1 290 145 1.00 0.98 337 285 52FCR-PORTUGAL VENTURES TURISM O 164 24 939.89 7 988.04 3 568 1 310 2 258FCR-PORTUGAL VENTURES VALOR 2 131 3 420.24 3 642.81 2 630 476 31 2 185FUNDO CAP. RISCO TURISM O INOVACAO CAT.B 12 50 000.00 55 666.38 600 668 68FUNDO CARAVELA 3 121 3 738.80 3 081.48 11 751 9 617 ( 2 133)FUNDO INTER-RISCO II - F.C.R.- CL.A 7 500 5 000.00 3 701.73 37 500 27 763 9 737FUNDO INTER-RISCO II CI-FUNDO C.DE RISCO 6 000 5 000.00 4 845.00 30 144 29 070 ( 1 074)FUNDO RECUPERACAO,FCR-CATEGORIA B 95 000 1 000.00 754.18 95 000 71 647 23 353FUNDO RECUPERACAO,FCR-CATEGORIA C 20 000 1 000.00 754.18 20 000 15 083 4 916FUNDO REESTRUTURAÇÃO EM PRESARIAL FCR 5 607 1 000.00 979.32 5 607 5 491 ( 116)INEGI INSTITUTO DE ENGENHARIA M ECANICA 5 000 25 25UNICAM PUS-FEIIF 3 000 1 000.00 1 003.64 3 000 3 011 11

234 764 187 965 ( 3 346) 43 451Issued by no n residentsParticipating Units

FUNDO BPI-EUROPA 23 405 0.01 14.57 171 341 170PORTUGAL VENTURE CAPITAL INITIATIVE-PVCI 4 792 037 1.00 0.63 4 792 3 008 1 784

4 963 3 349 170 1 784Lo ans and o thers receivables

Loans and Shareho lder's loans EM IS - EM PRESA INTERBANCÁRIA DE SERVIÇOS (SUPRIM ENTOS) 106M ORETEXTILE SGPS, SA 11 856NEWPLASTIC 1 521PETROCER SGPS, LDA 200PROPACO-IM OBILIARIA DE PACO D'ARCOS 860 4 353SAPHETY Level - Trusted Services SA 55 154TAEM -PROCESSAM ENTO ALIM ENTAR 3 562VNCORK-SGPS,SA 161

1 221 21 607 7 242 933 7 352 284 157 708 ( 180 454) 113 840


A mo unts per unit


At June 30, 2015 and December 31, 2014, the portfolio of financial assets available for sale included 72 066 t. euro and 68 281 t. euro,

respectively, relating to securities and shareholders’ loans subscribed for by Banco BPI under transfer of assets operations:

Amounts net of unrealized subscribed capital recorded in the caption Other liabilities. 1 Does not include interest in the amount of 1 949 t. euro, for which impairment of 100% has been recorded. 2 Includes the companies controlled by Fundo de Recuperação, FCR: Notoriousway SA, Newplastics SA, Vncork SGPS SA, TAEM -

Processamento Alimentar SGPS SA and Moretextile SA.

Amounts net of unrealized subscribed capital recorded in the caption Other liabilities. 1 Does not include interest in the amount of 1 737 t. euro, for which impairment of 100% has been recorded. 2 Includes the companies controlled by Fundo de Recuperação, FCR: Notoriousway SA, Newplastics SA, Vncork SGPS SA, TAEM -

Processamento Alimentar SGPS SA and Moretextile SA.

Operations relating to the transfer of assets carried out by Banco BPI include the sale of loans granted to operating industrial and

hospitality companies, which, because of the change of the economic environment, were having difficulties in complying with their financial

commitments to the Bank. All the assets sold correspond to loans to corporate customers of Banco BPI, no real estate having been

traded.

Following the ceding of loan operations, they were derecognized from the balance sheet, as all the requirements of IAS 39 on this matter

were fulfilled, namely transfer of a substantial part of the risks and benefits relating to the ceded loan operations, and therefore control.

Additionally, Banco BPI does not consolidate the funds and companies that own the assets as it only has a minority participation in them.

The loans sold, net of impairment, totalled 78 497 t. euro at June 30, 2015 and December 31, 2014.

1 The result determined on the sale date is deducted from impairment recorded for shareholders’ loans on the transaction date. 2 Includes sales to companies controlled by Fundo de Recuperação, FCR.

Jun. 30, 15Subscribed securities under operations of transfer of assets

Participating units and

shares

Shareholder's

loans1

Impairment in participating

units and shares

Impairment in shareholder's

loansNet Value

Fundo de Recuperação, FCR 2 96 412 15 151 ( 28 269) ( 15 151) 68 143Fundo de Reestruturação Empresarial, FCR 3 923 3 923

100 335 15 151 ( 28 269) ( 15 151) 72 066

Dec. 31, 14Subscribed securities under operations of transfer of assets

Participating units and

shares

Shareholder's

loans1

Impairment in participating

units and shares

Impairment in shareholder's

loansNet Value

Fundo de Recuperação, FCR 2 91 163 15 151 ( 26 785) ( 15 151) 64 378Fundo de Reestruturação Empresarial, FCR 3 903 3 903

95 066 15 151 ( 26 785) ( 15 151) 68 281

Gross assets transferred

Impairment on transferred

assets Sale amount

Result on the

sale date1

Fundo de Recuperação, FCR 2 123 730 48 967 98 289 10 635Fundo de Reestruturação Empresarial, FCR 3 734 3 734

127 464 48 967 102 023 10 635

Jun. 30, 15

Amounts related to the transferred assets


1 The result determined on the sale date is deducted from impairment recorded for shareholders’ loans on the transaction date. 2 Includes sales to companies controlled by Fundo de Recuperação, FCR.

4.6. Loans and advances to credit institutions This caption is made up as follows:

The changes in impairment losses and provisions in the first half of 2015 and 2014 are presented in Note 4.22.

Gross assets transferred

Impairment on transferred

assets Sale amount

Result on the

sale date1

Fundo de Recuperação, FCR 2 123 730 48 967 98 289 10 635Fundo de Reestruturação Empresarial, FCR 3 734 3 734

127 464 48 967 102 023 10 635

Dec. 31, 14

Amounts related to the transferred assets

Loans and advances to other Portuguese credit institutions Very short term loans and advances 30 556 10 378 Deposits 133 785 308 394 Other loans 76 700 80 000 Securities purchased w ith resale agreements 54 651 71 740 Other advances 3 041 2 158 Accrued interest 470 655

299 203 473 325Loans and advances to other foreign Central Banks 1 008 468Loans and advances to other foreign credit institutions Very short term loans and advances 705 567 426 201 Deposits 482 737 143 478 Loans 44 44 Securities purchased w ith resale agreements 8 296 Other loans and advances 414 736 528 443 Accrued interest 2 914 8 878

1 614 294 2 115 512Commission relating to amortised cost (net) ( 4) ( 18)

1 913 493 2 588 819Impairment ( 2)

1 913 493 2 588 817



4.7. Loans and advances to customers This caption is made up as follows:

LoansDomestic loans

Companies Discount 112 112 109 793 Loans 4 558 068 4 575 456 Commercial lines of credit 796 211 718 210 Demand deposits - overdrafts 138 176 93 588 Invoices received - factoring 317 722 370 973 Finance leasing 264 299 240 671 Real estate leasing 328 242 338 950 Other loans 29 386 20 478Loans to individuals Housing 10 899 160 11 023 969 Consumer 667 206 672 353 Other loans 468 133 466 521

Foreign loansCompanies Discount 242 357 Loans 2 118 980 2 734 100 Commercial lines of credit 199 839 260 378 Demand deposits - overdrafts 15 527 10 394 Finance leasing 310 384 Real estate leasing 1 002 781 Other loans 48 364 275 394Loans to individuals Housing 175 109 106 943 Consumer 257 904 268 614 Other loans 85 264 88 759

Accrued interest 71 055 69 49621 552 311 22 446 562

Securities Issued by Portuguese government entities 135 423 99 983 Issued by other Portuguese entities Non subordinated debt securities Bonds 1 276 315 1 314 235 Commercial paper 822 481 833 708 Subordinated debt securities 11 800 11 800 Issued by other foreign entities Non subordinated debt securities Bonds 450 067 471 081 Commercial paper 497 Subordinated debt securities 4 500 20 500 Accrued interest 17 703 16 989 Deferred interest ( 804) ( 521)

2 717 982 2 767 775Correction of the amount of hedged assets 36 652 44 659Commission relating to amortised cost (net) 1 680 2 941

24 308 625 25 261 937Overdue loans and interest 980 583 1 043 693Loan impairment ( 992 099) (1 036 661)

24 297 109 25 268 969


Jun. 30, 15


Loans and Advances to Customers include the following non-derecognized securities assets:

1 Excluding credit and interests overdue.

The loans subject to securitisation operations carried out by Banco BPI were not derecognised from the Bank’s balance sheet and are

recorded under the caption “Loans”. The amounts received by Banco BPI from these operations are recorded under the caption “Liabilities

relating to assets not derecognised in securitisation operations” (Notes 2.3.4 and 4.21).

At June 30, 2015 and December 31, 2014 the caption “Loans to Customers” also included operations allocated to the Cover Pool given as

collateral for Covered Bonds issued by Banco BPI (Note 4.20), namely:

5 681 570 t. euro and 5 772 866 t. euro, respectively, allocated as collateral to mortgage bonds,

695 675 t. euro and 672 417 t. euro, respectively, allocated as collateral to public sector bonds.

The securities portfolio includes the following assets to cover capitalisation insurance contracts issued by BPI Vida e Pensões:

The changes in impairment losses and provisions in the first half of 2015 and 2014 are presented in Note 4.22.

.

Non-derecognised securitised assets 1

Loans Housing 3 173 484 4 362 912 Loans to SME's 2 955 912 3 162 490Accrued interest 15 439 17 686

6 144 835 7 543 088


Debt instruments Issued by Portuguese government entities 99 993 99 983 Issued by other Portuguese entities 1 391 660 1 422 356 Issued by other foreign entities 447 490 472 205

1 939 143 1 994 544



At June 30, 2015 the amount of the exposure and impairment of loans and advances to customers was made up as follows:

1 Excludes accrued interest and deferred interest, correction of the amount of hedged assets and commission relating to amortized cost. 2 Includes 1 939 143 t. euro of securities held by BPI Vida, essentially allocated to the coverage of capitalization insurance.

Total Exposure 1

Credit-not at-risk

Of w hich restructured

Credit-at-risk


Total impairment

Credit-not at-risk

Credit-at-risk

DOMESTIC ACTIVITY 23 696 888 22 554 452 1 039 432 1 142 436 424 903 899 262 288 135 611 127Corporate banking 3 924 917 3 585 122 345 577 339 795 199 351 290 799 89 163 201 636

Large Companies 1 428 127 1 345 233 84 231 82 894 50 874 80 434 34 058 46 376Medium-sized Companies 2 496 790 2 239 889 261 346 256 901 148 477 210 365 55 105 155 260

Project Finance - Portugal 1 171 731 1 070 601 133 478 101 130 37 924 79 448 21 106 58 342

Madrid 1 156 747 1 014 393 149 253 142 354 52 667 114 366 28 894 85 472Project Finance 662 797 584 667 114 243 78 130 16 625 61 361 19 191 42 170Corporate 493 950 429 726 35 010 64 224 36 042 53 005 9 703 43 302

Public Sector 1 408 920 1 408 534 116 773 386 138 2 045 2 022 23Central Administration 210 083 210 083Regional and local administration 809 582 809 463 78 945 119 2 11 2 9State Corporate Sector – in the budget perimeter 42 061 42 061 2 2State Corporate Sector – outside the budget perimeter 314 859 314 859 37 828 1 985 1 985Other institutional 32 335 32 068 267 136 47 33 14

Individuals and Small Businesses Banking 13 728 434 13 172 509 294 351 555 925 134 823 401 381 136 053 265 328Mortgage loans to individuals 11 204 916 10 813 911 178 278 391 005 77 585 242 265 100 194 142 071Consumer credit / other purposes 578 375 548 378 27 604 29 997 11 480 29 808 5 602 24 206Credit cards 162 605 156 740 23 5 865 2 7 162 2 111 5 051Car f inancing 134 781 132 012 111 2 769 92 1 898 484 1 414Small businesses 1 647 757 1 521 468 88 335 126 289 45 664 120 248 27 662 92 586

Others 2 2 306 139 2 303 293 2 846 11 223 10 897 326

INTERNATIONAL ACTIVITY 1 466 034 1 373 318 713 92 716 36 569 92 837 47 438 45 399

Total 25 162 922 23 927 770 1 040 145 1 235 152 461 472 992 099 335 573 656 526

Exposure Impairment

Segment


At December 31, 2014 Proforma the amount of the exposure and impairment of loans and advances to customers was made up as follows:


Total Exposure 1

Credit-not at-risk


Credit-at-risk


Total impairment

Credit-not at-risk

Credit-at-risk

DOMESTIC ACTIVITY 24 272 352 23 053 301 1 122 266 1 219 051 508 113 958 795 295 676 663 119Corporate banking 3 946 083 3 619 117 398 076 326 966 191 766 287 748 83 949 203 799

Large Companies 1 457 119 1 388 997 103 917 68 122 48 734 69 735 31 776 37 959Medium-sized Companies 2 488 964 2 230 120 294 159 258 844 143 032 218 013 52 173 165 840

Project Finance - Portugal 1 177 534 1 077 033 132 713 100 501 40 974 61 530 9 045 52 485

Madrid 1 475 744 1 299 392 214 398 176 352 102 665 176 867 54 239 122 628Project Finance 689 640 627 489 84 709 62 151 16 645 58 270 26 561 31 709Corporate 786 104 671 903 129 689 114 201 86 020 118 597 27 678 90 919

Public Sector 1 431 525 1 400 835 82 379 30 690 29 697 5 661 398 5 263Central Administration 215 422 215 422Regional and local administration 814 108 813 989 81 008 119 2 13 4 9State Corporate Sector – in the budget perimeter 64 128 64 128 3 3State Corporate Sector – outside the budget perimeter 302 010 271 718 148 30 292 29 695 5 247 7 5 240Other institutional 35 857 35 578 1 223 279 398 384 14

Individuals and Small Businesses Banking 13 815 750 13 234 109 294 700 581 641 143 011 415 063 136 434 278 629Mortgage loans to individuals 11 342 605 10 946 074 168 212 396 531 76 808 245 835 101 546 144 289Consumer credit / other purposes 577 240 546 690 33 335 30 550 13 125 28 915 5 457 23 458Credit cards 173 159 167 064 24 6 095 4 7 343 2 145 5 198Car f inancing 137 133 134 432 153 2 701 68 1 726 468 1 258Small businesses 1 585 613 1 439 849 92 976 145 764 53 006 131 244 26 818 104 426

Others 2 2 425 716 2 422 815 2 901 11 926 11 611 315

INTERNATIONAL ACTIVITY 1 899 714 1 814 807 3 898 84 907 34 334 77 866 37 801 40 065

Total 26 172 066 24 868 108 1 126 164 1 303 958 542 447 1 036 661 333 477 703 184

Exposure Impairment

Segment


At June 30, 2015 the amount of the exposure and impairment of loans and advances to customers was made up as follows:

1 Excludes accrued interest and deferred interest, correction of the amount of hedged assets and commission relating to amortized cost. 2 Includes non-defaulting loans (no days in arrears).

3 Includes 1 939 143 t. euro of securities held by BPI Vida, essentially allocated to the coverage of capitalization insurance.

< 30 2 between 30 - 90 <= 90 > 90 days < 30 2 between 30 - 90 <= 90 > 90 days

DOMESTIC ACTIVITY 23 696 888 22 413 209 141 243 46 510 1 095 926 899 262 255 137 32 998 27 504 583 623Corporate banking 3 924 917 3 573 277 11 845 41 195 298 600 290 799 84 911 4 252 26 337 175 299

Large Companies 1 428 127 1 345 221 12 32 372 50 522 80 434 34 057 1 22 566 23 810Medium-sized Companies 2 496 790 2 228 056 11 833 8 823 248 078 210 365 50 854 4 251 3 771 151 489

Project Finance - Portugal 1 171 731 1 061 856 8 745 101 130 79 448 20 667 439 58 342

Madrid 1 156 747 1 014 393 142 354 114 366 28 894 85 472Project Finance 662 797 584 667 78 130 61 361 19 191 42 170Corporate 493 950 429 726 64 224 53 005 9 703 43 302

Public Sector 1 408 920 1 408 534 136 250 2 045 2 022 14 9Central Administration 210 083 210 083Regional and local administration 809 582 809 463 119 11 2 9State Corporate Sector – in the budget perimeter 42 061 42 061 2 2State Corporate Sector – outside the budget perimeter 314 859 314 859 1 985 1 985Other institutional 32 335 32 068 136 131 47 33 14

Individuals and Small Businesses Banking 13 728 434 13 051 893 120 616 5 179 550 746 401 381 107 749 28 304 1 153 264 175Mortgage loans to individuals 11 204 916 10 722 665 91 246 2 578 388 427 242 265 79 569 20 625 528 141 543Consumer credit / other purposes 578 375 540 002 8 376 289 29 708 29 808 3 285 2 317 72 24 134Credit cards 162 605 155 894 846 28 5 837 7 162 1 792 319 18 5 033Car f inancing 134 781 131 072 940 55 2 714 1 898 335 149 1 1 413Small businesses 1 647 757 1 502 260 19 208 2 229 124 060 120 248 22 768 4 894 534 92 052

Others 3 2 306 139 2 303 256 37 2 846 11 223 10 894 3 326

INTERNATIONAL ACTIVITY 1 466 034 1 355 912 17 406 92 716 92 837 41 357 6 081 45 399

Total 25 162 922 23 769 121 158 649 46 510 1 188 642 992 099 296 494 39 079 27 504 629 022

Segment

Total exposure Total ImpairmentCredit - not at - risk Credit - at - risk Credit - not at - risk Credit - at - risk

Days in arrears Days in arrearsDays in arrearsTotal Exposure 1

Days in arrears Total Impairment


At December 31, 2014 Proforma the amount of the exposure and impairment of loans and advances to customers was made up as follows:

1 Excludes accrued interest and deferred interest, correction of the amount of hedged assets and commission relating to amortized cost. 2 Includes non-defaulting loans (no days in arrears).

3 Includes 2 005 739 t. euro of securities held by BPI Vida, essentially allocated to the coverage of capitalization insurance.

< 30 2 between 30 - 90 <= 90 > 90 days < 30 2 between 30 - 90 <= 90 > 90 days

DOMESTIC ACTIVITY 24 272 352 22 918 479 134 822 48 370 1 170 681 958 795 263 795 31 881 30 507 632 612Corporate banking 3 946 083 3 598 182 20 935 44 093 282 873 287 748 79 453 4 496 29 587 174 212

Large Companies 1 457 119 1 388 085 912 35 497 32 625 69 735 31 199 577 25 391 12 568Medium-sized Companies 2 488 964 2 210 097 20 023 8 596 250 248 218 013 48 254 3 919 4 196 161 644

Project Finance - Portugal 1 177 534 1 077 033 100 501 61 530 9 045 52 485Madrid 1 475 744 1 299 392 176 352 176 867 54 239 122 628

Project Finance 689 640 627 489 62 151 58 270 26 561 31 709Corporate 786 104 671 903 114 201 118 597 27 678 90 919

Public Sector 1 431 525 1 400 835 724 29 966 5 661 398 116 5 147Central Administration 215 422 215 422Regional and local administration 814 108 813 989 119 13 4 9State Corporate Sector – in the budget perimeter 64 128 64 128 3 3State Corporate Sector – outside the budget perimeter 302 010 271 718 588 29 704 5 247 7 102 5 138Other institutional 35 857 35 578 136 143 398 384 14

Individuals and Small Businesses Banking 13 815 750 13 120 222 113 887 3 553 578 088 415 063 109 049 27 385 804 277 825Mortgage loans to individuals 11 342 605 10 856 080 89 994 1 271 395 260 245 835 80 553 20 993 325 143 964Consumer credit / other purposes 577 240 538 686 8 004 269 30 281 28 915 3 280 2 177 129 23 329Credit cards 173 159 166 255 809 23 6 072 7 343 1 850 295 13 5 185Car f inancing 137 133 133 468 964 50 2 651 1 726 341 127 1 1 257Small businesses 1 585 613 1 425 733 14 116 1 940 143 824 131 244 23 025 3 793 336 104 090

Others 3 2 425 716 2 422 815 2 901 11 926 11 611 315

INTERNATIONAL ACTIVITY 1 899 714 1 801 667 13 140 84 907 77 866 36 857 944 40 065

Total 26 172 066 24 720 146 147 962 48 370 1 255 588 1 036 661 300 652 32 825 30 507 672 677

Total exposure Total ImpairmentCredit - not at - risk Credit - at - risk Credit - not at - risk Credit - at - risk

Days in arrears Days in arrearsDays in arrearsSegment

Total Exposure 1

Days in arrears Total Impairment


At June 30, 2015 the amount of the exposure and impairment of loans and advances to customers assessed individually and collectively, by segment, was made up as follows:


D OM EST IC A C T IVIT Y 22 787 192 909 696 23 696 888 3 165 698 20 531 190 483 720 415 542 899 262C o rpo rate banking 3 639 731 285 186 3 924 917 599 073 3 325 844 268 731 22 068 290 799

Large Companies 1 379 955 48 172 1 428 127 185 333 1 242 794 74 347 6 087 80 434M edium-sized Companies 2 259 776 237 014 2 496 790 413 740 2 083 050 194 384 15 981 210 365

P ro ject F inance - P o rtugal 1 146 805 24 926 1 171 731 233 606 938 125 72 177 7 271 79 448M adrid 1 026 611 130 136 1 156 747 262 454 894 293 109 967 4 399 114 366

Pro ject Finance 590 758 72 039 662 797 146 857 515 940 58 633 2 728 61 361Corporate 435 853 58 097 493 950 115 597 378 353 51 334 1 671 53 005

P ublic Secto r 1 408 631 289 1 408 920 38 477 1 370 443 2 031 14 2 045Central Administration 210 083 210 083 210 083Regional and local administration 809 463 119 809 582 809 582 11 11State Corporate Sector - in the budget perimeter 42 061 42 061 42 061 2 2State Corporate Sector - outside the budget perimeter 314 859 314 859 36 695 278 164 1 984 1 1 985Other institutional 32 165 170 32 335 1 782 30 553 47 47

Individuals and Small B usiness B anking 13 262 156 466 278 13 728 434 92 214 13 636 220 25 923 375 458 401 381M ortgage loans to individuals 10 893 315 311 601 11 204 916 125 11 204 791 41 242 224 242 265Consumer credit/ o ther purposes 553 216 25 159 578 375 2 578 373 29 808 29 808Credit cards 156 537 6 068 162 605 162 605 7 162 7 162Vehicle financing 132 469 2 312 134 781 14 134 767 14 1 884 1 898Small business 1 526 619 121 138 1 647 757 92 073 1 555 684 25 868 94 380 120 248

Others 2 2 303 258 2 881 2 306 139 1 939 874 366 265 4 891 6 332 11 223

IN T ER N A T ION A L A C T IVIT Y 1 395 147 70 887 1 466 034 - - - - 92 837

24 182 339 980 583 25 162 922 992 099

T o tal Impairment

o f which:P erfo rming

Lo ansOverdue

Lo ansExpo sure 1 Individual

ImpairmentC o llect ive ImpairmentIndividually

assessedC o llect ively

assessed


At December 31, 2014 Proforma the amount of exposure and impairment of Loans and advances to customers assessed individually and collectively, by segment, was made up as follows:


D OM EST IC A C T IVIT Y 23 292 413 979 939 24 272 352 3 483 220 20 789 132 545 635 413 160 958 795C o rpo rate banking 3 653 473 292 610 3 946 083 681 446 3 264 637 265 905 21 843 287 748

Large Companies 1 419 924 37 195 1 457 119 247 847 1 209 272 64 216 5 519 69 735M edium-sized Companies 2 233 549 255 415 2 488 964 433 599 2 055 365 201 689 16 324 218 013

P ro ject F inance - P o rtugal 1 154 721 22 813 1 177 534 241 826 935 708 60 927 603 61 530M adrid 1 306 055 169 689 1 475 744 422 795 1 052 949 174 163 2 704 176 867

Pro ject Finance 634 152 55 488 689 640 157 739 531 901 57 357 913 58 270Corporate 671 903 114 201 786 104 265 056 521 048 116 806 1 791 118 597

P ublic Secto r 1 424 734 6 791 1 431 525 33 292 1 398 233 5 638 23 5 661Central Administration 215 422 215 422 215 422Regional and local administration 813 989 119 814 108 814 108 13 13State Corporate Sector - in the budget perimeter 64 128 64 128 64 128 3 3State Corporate Sector - outside the budget perimeter 295 371 6 639 302 010 30 283 271 727 5 240 7 5 247Other institutional 35 824 33 35 857 3 009 32 848 398 398

Individuals and Small B usiness B anking 13 330 740 485 010 13 815 750 97 403 13 718 347 27 448 387 615 415 063M ortgage loans to individuals 11 024 078 318 527 11 342 605 514 11 342 091 258 245 577 245 835Consumer credit/ o ther purposes 553 876 23 364 577 240 2 577 238 28 915 28 915Credit cards 166 933 6 226 173 159 2 173 157 2 7 341 7 343Vehicle financing 134 852 2 281 137 133 14 137 119 10 1 716 1 726Small business 1 451 001 134 612 1 585 613 96 871 1 488 742 27 178 104 066 131 244

Others 2 2 422 690 3 026 2 425 716 2 006 458 419 258 11 554 372 11 926

IN T ER N A T ION A L A C T IVIT Y 1 835 960 63 754 1 899 714 - - - - 77 866

25 128 373 1 043 693 26 172 066 3 483 220 20 789 132 545 635 413 160 1 036 661

T o tal Impairment

o f which:P erfo rming

Lo ansOverdue

Lo ansExpo sure 1 Individual

ImpairmentC o llect ive ImpairmentIndividually

assessedC o llect ively

assessed


At June 30, 2015 the amount of exposure and impairment of Loans and advances to domestic customers assessed individually and collectively, by business sector, was made up as follows:

1 Excludes accrued interest and deferred interest, correction of the amount of hedged assets and commission relating to amortized cost.

Corporates 10 675 568 544 018 11 219 586 3 141 056 8 078 530 475 218 119 773 594 991Agriculture, animal production and hunting 222 811 5 172 227 983 16 113 211 870 3 976 3 827 7 803Forestry and forest operations 13 129 345 13 474 13 474 473 473Fishing 36 378 21 693 58 071 46 271 11 800 38 289 44 38 333Mining 122 560 713 123 273 2 161 121 112 560 754 1 314Beverage, tobacco and food 431 498 12 158 443 656 78 428 365 228 12 679 4 164 16 843Textiles and clothing 96 033 17 050 113 083 24 084 88 999 12 860 1 409 14 269Leather and related products 26 142 895 27 037 935 26 102 496 247 743Wood and cork 146 059 6 070 152 129 51 716 100 413 2 050 1 525 3 575Pulp, paper and cardboard and graphic arts 237 207 5 643 242 850 131 520 111 330 4 576 1 346 5 922Coke, refined petroleum products and fuel pellets 152 612 152 612 150 000 2 612 10 10Chemicals, synthetic or artificial fibres, except pharmaceutical products 78 763 273 79 036 15 164 63 872 56 371 427Base pharmaceutical products and pharmaceutical mixtures 55 414 55 414 55 414 268 268Rubber and plastic materials 90 537 642 91 179 1 614 89 565 493 865 1 358Other mineral non-metallic products 262 041 3 000 265 041 145 004 120 037 3 873 1 591 5 464Metalworking industries 210 507 6 420 216 927 18 881 198 046 4 630 4 104 8 734Computers, electronic, electrical and optical equipment 107 925 2 383 110 308 4 580 105 728 1 818 1 146 2 964Transport equipment 38 373 2 779 41 152 3 306 37 846 1 426 610 2 036Other manufacturing industries 52 343 4 921 57 264 5 523 51 741 3 361 1 708 5 069Electricity, gas and water 872 426 1 448 873 874 329 191 544 683 3 601 2 779 6 380Water treatment and collection 366 359 1 201 367 560 96 246 271 314 4 815 1 249 6 064Construction 486 281 114 656 600 937 238 570 362 367 77 238 15 943 93 181Wholesale and retail trade; motor vehicle and motorcycle repairs 1 354 103 85 613 1 439 716 442 321 997 395 61 989 32 587 94 576Transport and storage 1 159 448 79 460 1 238 908 269 104 969 804 108 259 9 019 117 278Restaurants and hotels 395 139 63 030 458 169 156 087 302 082 28 070 5 732 33 802Information and communication activities 386 484 7 837 394 321 177 000 217 321 9 233 2 307 11 540Financial intermediation, except for insurance and pension funds 573 727 37 610 611 337 225 438 385 899 35 177 2 612 37 789Insurance, reinsurance and pension funds, except for mandatory social security 53 53 53Auxiliary activities to financial services and insurance 144 221 159 144 380 23 999 120 381 7 195 172 7 367Real estate 384 761 18 861 403 622 52 425 351 197 12 289 4 822 17 111Consulting, scientific, technical and similar activities 287 835 16 146 303 981 63 196 240 785 16 605 3 854 20 459Administrative and support services 198 453 7 962 206 415 76 488 129 927 8 154 2 887 11 041Public administration, defence and mandatory social security 1 193 776 119 1 193 895 99 993 1 093 902 9 9Education 34 198 1 148 35 346 2 663 32 683 736 1 082 1 818Healthcare and welfare 188 059 2 184 190 243 2 477 187 766 449 2 181 2 630Leisure, cultural and sports activities 39 778 14 652 54 430 16 696 37 734 8 368 736 9 104Other service companies 229 889 1 599 231 488 173 862 57 626 1 897 1 191 3 088Companies without CAE code (Business Activity Classification - "Classificação das Actividades Económicas") 246 176 422 422 6 149 6 149

Individuals 12 111 624 365 678 12 477 302 24 641 12 452 661 8 501 295 770 304 271Housing loans 10 933 411 311 706 11 245 117 130 11 244 987 44 242 308 242 352Others 1 178 213 53 972 1 232 185 24 511 1 207 674 8 457 53 462 61 919

22 787 192 909 696 23 696 888 3 165 697 20 531 191 483 719 415 543 899 262

Performing Loans

Overdue Loans

Exposure 1 Individual Impairment

Collective Impairment

T otal ImpairmentIndividually

assessedCollectively

assessed

of which:


At December 31, 2014 Proforma the amount of exposure and impairment of Loans and advances to domestic customers assessed individually and collectively, by business sector, was made up as follows:


Corporates 11 046 694 608 898 11 655 592 3 460 447 8 195 145 537 140 112 413 649 553Agriculture, animal production and hunting 210 805 10 552 221 357 25 803 195 554 5 628 3 642 9 270Forestry and forest operations 11 962 380 12 342 12 342 469 469Fishing 36 486 21 693 58 179 46 271 11 908 37 598 44 37 642Mining 120 997 1 402 122 399 1 850 120 549 1 109 718 1 827Beverage, tobacco and food 373 366 12 092 385 458 37 313 348 145 12 331 4 390 16 721Textiles and clothing 97 986 8 071 106 057 35 329 70 728 11 667 1 594 13 261Leather and related products 22 788 564 23 352 972 22 380 479 211 690Wood and cork 131 269 6 034 137 303 76 156 61 147 1 969 1 491 3 460Pulp, paper and cardboard and graphic arts 206 773 5 176 211 949 110 285 101 664 4 115 1 458 5 573Coke, refined petroleum products and fuel pellets 152 425 152 425 150 000 2 425 5 5Chemicals, synthetic or artificial fibres, except pharmaceutical products 88 332 387 88 719 45 266 43 453 59 320 379Base pharmaceutical products and pharmaceutical mixtures 62 821 62 821 62 821 295 295Rubber and plastic materials 90 973 772 91 745 985 90 760 438 860 1 298Other mineral non-metallic products 261 617 2 806 264 423 151 965 112 458 5 541 1 843 7 384Metalworking industries 200 700 7 227 207 927 10 246 197 681 4 732 4 517 9 249Computers, electronic, electrical and optical equipment 96 825 2 954 99 779 5 762 94 017 2 744 1 258 4 002Transport equipment 48 146 1 447 49 593 3 697 45 896 1 323 674 1 997Other manufacturing industries 49 356 6 504 55 860 6 177 49 683 3 767 1 799 5 566Electricity, gas and water 839 994 743 840 737 273 115 567 622 3 102 289 3 391Water treatment and collection 364 986 7 461 372 447 88 403 284 044 7 927 641 8 568Construction 508 414 179 268 687 682 322 903 364 779 140 895 16 983 157 878Wholesale and retail trade; motor vehicle and motorcycle repairs 1 614 275 93 384 1 707 659 469 909 1 237 750 57 319 36 381 93 700Transport and storage 1 188 739 64 141 1 252 880 243 708 1 009 172 105 318 4 595 109 913Restaurants and hotels 336 037 62 947 398 984 112 317 286 667 24 050 5 754 29 804Information and communication activities 327 664 6 940 334 604 207 486 127 118 22 055 2 200 24 255Financial intermediation, except for insurance and pension funds 694 589 36 456 731 045 339 216 391 829 29 662 2 146 31 808Insurance, reinsurance and pension funds, except for mandatory social security 78 78 78Auxiliary activities to financial services and insurance 120 546 159 120 705 55 120 650 11 169 180Real estate 382 108 23 485 405 593 73 407 332 186 13 119 5 081 18 200Consulting, scientific, technical and similar activities 300 481 16 171 316 652 133 100 183 552 13 543 3 950 17 493Administrative and support services 289 111 8 476 297 587 73 923 223 664 8 306 3 450 11 756Public administration, defence and mandatory social security 1 237 019 119 1 237 138 108 983 1 128 155 9 9Education 30 952 1 136 32 088 2 791 29 297 511 773 1 284Healthcare and welfare 195 828 2 092 197 920 3 431 194 489 399 1 928 2 327Leisure, cultural and sports activities 39 277 14 533 53 810 29 749 24 061 7 103 760 7 863Other service companies 312 008 3 132 315 140 269 874 45 266 10 320 1 548 11 868Companies without CAE code (Business Activity Classification - "Classificação das Actividades Económicas") 961 194 1 155 1 155 168 168

Individuals 12 245 720 371 041 12 616 761 22 770 12 593 991 8 495 300 747 309 242Housing loans 11 059 803 318 631 11 378 434 519 11 377 915 261 245 614 245 875Others 1 185 917 52 410 1 238 327 22 251 1 216 076 8 234 55 133 63 367

23 292 414 979 939 24 272 353 3 483 217 20 789 136 545 635 413 160 958 795

Performing Loans

Overdue Loans

Exposure1 Individual Impairment

Collective Impairment

Total ImpairmentIndividually

assessedCollectively

assessed

of which:


At June 30, 2015 the amount of exposure and impairment of Loans and advances to international customers assessed

individually and collectively, by business sector, was made up as follows:


At December 31, 2014 the amount of exposure and impairment of Loans and advances to international customers assessed

individually and collectively, by business sector, was made up as follows:


At June 30, 2015 loans are made up as follows by country:

1 Does not include 1 939 143 t. euro of securities held by BPI Vida, allocated essentially to coverage of capitalization insurance

IN T ER N A T ION A L A C T IVIT YC o rpo rates 953 995 62 438 1 016 433 66 210

Agriculture, animal production and hunting 68 641 2 868 71 508 3 309M ining 16 127 1 208 17 335 708Other manufacturing industries 37 399 7 436 44 835 4 866Electricity, gas and water 954 0 955 29Construction 207 735 13 821 221 556 16 051Wholesale and retail trade; motor vehicle and motorcycle repairs 127 578 30 507 158 085 22 882Transport and storage 24 314 1 595 25 909 1 646Restaurants and hotels 23 974 1 506 25 480 1 926Auxiliary activities to financial services and insurance 1 911 12 1 923 68Real estate 49 110 1 617 50 728 2 853Public administration, defence and mandatory social security 380 397 453 380 850 495Education 4 192 492 4 684 217Healthcare and welfare 2 651 2 2 653 81Leisure, cultural and sports activities 214 8 222 9Other services and activities 8 798 914 9 712 11 071

Individuals 441 152 8 449 449 601 26 627Housing loans 140 858 1 546 142 404 12 434Others 300 294 6 903 307 197 14 193

1 395 147 70 887 1 466 034 92 837

ImpairmentP erfo rming

Lo ansOverdue

Lo ansExpo sure 1

IN T ER N A T ION A L A C T IVIT YC o rpo rates 1 454 521 56 180 1 510 701 53 457

Agriculture, animal production and hunting 66 236 2 360 68 596 3 121M ining 16 450 1 139 17 589 707Other manufacturing industries 43 126 6 700 49 826 4 799Electricity, gas and water 1 233 1 233 37Construction 212 674 11 750 224 424 15 118Wholesale and retail trade; motor vehicle and motorcycle repairs 150 999 29 004 180 003 22 184Transport and storage 28 318 1 553 29 871 1 171Restaurants and hotels 26 113 533 26 646 1 528Auxiliary activities to financial services and insurance 1 904 11 1 915 67Real estate 37 030 1 409 38 439 2 464Public administration, defence and mandatory social security 851 033 461 851 494 783Education 4 194 332 4 526 215Healthcare and welfare 5 143 1 5 144 155Leisure, cultural and sports activities 361 3 364 11Other services and activities 9 707 924 10 631 1 097

Individuals 381 439 7 574 389 013 24 409Housing loans 71 109 1 258 72 367 10 908Others 310 330 6 316 316 646 13 501

1 835 960 63 754 1 899 714 77 866

ImpairmentP erfo rming

Lo ansOverdue

Lo ansExpo sure 1

D OM EST IC A C T IVIT Y 20 848 051 909 696 21 757 747 1 226 555 20 531 192 479 156 415 545 894 700

Portugal 19 263 819 764 880 20 028 699 942 730 19 085 969 365 873 401 774 767 647

Spain 797 389 130 348 927 738 205 422 722 315 95 982 3 788 99 771

Angola 254 368 552 254 920 254 920 573 573

Netherlands 126 373 1 126 375 126 375 552 552

Others 406 101 13 915 420 016 78 403 341 613 17 300 8 858 26 158

IN T ER N A T ION A L A C T IVIT Y (A N GOLA ) 1 395 147 70 887 1 466 034 - - - - 92 837

22 243 198 980 583 23 223 781 987 537

Indiv idual ImpairmentA ssessed

individuallyA ssessed

C o lect ivelly

Overdue C redit

Expo sure 1R egular C redit

f ro m which:C o lective

Impairment T o ta l

Impairment


At December 31, 2014 Proforma loans are made up as follows by country:

1 Does not include 2 005 739 t. euro of securities held by BPI Vida, allocated essentially to coverage of capitalization insurance

At June 30, 2015 the mortgage loans to individual Customers, by year of production, granted by Banco BPI (non-consolidated)

was made up as follows:

D OM EST IC A C T IVIT Y 21 292 273 979 939 22 272 213 1 483 078 20 789 132 534 395 413 160 947 556

Portugal 19 286 400 795 909 20 082 310 1 040 151 19 042 157 357 957 407 116 765 074

Spain 1 163 593 169 971 1 333 563 351 449 982 114 155 078 2 661 157 739

Angola 263 984 54 264 038 264 038 267 267

Netherlands 133 252 1 133 254 133 254 476 476

Others 445 044 14 003 459 047 91 478 367 569 21 360 2 639 23 999

IN T ER N A T ION A L A C T IVIT Y (A N GOLA ) 1 835 960 63 754 1 899 714 - - - - 77 866

23 128 233 1 043 693 24 171 927 1 025 422

A ssessed indiv idually

A ssessed C o lectivelly

R egular C redit

Overdue C redit

Expo sure 1

fro m which:Individual

ImpairmentC o lective

Impairment T o ta l

Impairment

2004 or previous 93 561 3 051 476 85 368

2005 14 343 704 616 19 601

2006 18 706 1 039 728 25 442

2007 25 989 1 486 591 38 316

2008 22 481 1 332 065 25 516

2009 14 562 985 526 16 969

2010 16 047 1 172 416 20 302

2011 5 394 373 606 5 517

2012 4 284 271 680 1 981

2013 4 465 266 513 1 290

2014 4 620 289 941 1 246

2015 3 564 230 758 717

228 016 11 204 916 242 265

AmountNumber of operations

Year of productionImpairment recorded


The caption “Securities” at June 30, 2015 is made up as follows:

1 Additionally, the Bank recorded collective impairment of 3 990 t. euro. 2 Securities reclassified from the caption “Financial assets held for trading” in 2008, under the amendments to IAS 39 and IFRS 7 (Notes 2 and

4.49). 3 Securities reclassified from the caption “Financial assets at fair value through profit or loss” in 2012, under the amendments to IAS 39 and IFRS

7 (Notes 2 and 4.49).

D ebt InstrumentsIssued by P o rtuguese Ent it ies

P o rtuguese P ublic D ebt

EDIA SA-TV-30.01.2027 16 180 000 16 180 16 190EDIA-EM P.DES.DO ALQUEVA - TV-11.08.2030 19 250 000 19 250 19 456REPUBLICA DE PORTUGAL TV - 29.01.2018 50 000 000 50 000 50 557REPUBLICA PORTUGUESA - TV - 03.11.2015 50 000 000 49 993 50 222

135 423 136 425Other R esidents

N o n - subo rdinated D ebtBonds

TAGUS-SOC.TIT.CREDITO-CL.A-12.02.2025 75 979 755 75 980 76 038TAGUS-SOC.TIT.CREDITO-CL.B-12.02.2025 50 000 50 50

76 030 76 088Other Bonds

ADP-AGUAS DE PORTUGAL,SGPS-TV-20.06.2022 50 000 000 44 882 50 005ALTRI - 2014/2020 50 000 000 50 000 50 372AUTO-SUECO - 2013 / 2018 30 000 000 30 000 30 745BA GLASS I-SERV.GEST.INV.-TV-22.12.15 2 500 000 2 500 2 502BANCO INTERNAC CRED(CI)-6.09%-27.07.2015 753 000 754 797BRISA - 4.5% - 05.12.2016 8 200 000 8 096 8 305BRISA-CONCESSAO ROD.SA-TV-07.06.2020 60 000 000 59 579 59 746CAIXA GERAL DE DEPóSITOS 5.625%-04.12.15 17 700 000 17 712 18 280CAIXA GERAL DE DEPOSITOS-8%-28.09.2015 12 400 000 12 455 13 202CGD-3.75%-18.01.2018 9 000 000 8 983 9 133CIN - 2014/2019 15 000 000 15 000 15 016COLEP PORTUGAL SA -TV-10.10.2017 9 000 000 9 000 9 061EDP FINANCE BV-4.75%-26.09.2016 12 275 000 12 311 12 754EFANOR INVESTIM ENTOS SGPS SA-2014/2019 15 000 000 15 000 15 191GALP 2013/2018 150 000 000 150 000 151 260GENERIS 2015-2020 30 000 000 30 000 30 073GRUPO PESTANA 2014/2020 46 000 000 46 000 46 554GRUPO VISABEIRA SGPS-TV-14.07.2019 5 000 000 5 000 5 095JM R - 2012 / 2015 200 000 000 200 000 200 242M EDIA CAPITAL 2014-2019 50 000 000 50 000 50 967M OTA-ENGIL SGPS-TV-30.12.2016 7 500 000 7 500 7 500NOS SGPS-2015-2022 25 000 000 25 000 25 119PARQUE EÓLICO DO PISCO- TV 11.07.2026 375 000 375 379PARQUE EOLICO PISCO-TV-11.07.2026-2ªSR. 6 250 000 6 250 6 300POLIM AIA / 1989 - SR.C (AC.CRED.) 7REN-REDES ENERG.NAC.-6.25%-21.09.2016 1 224 000 1 283 1 304REN-REDES ENERG.NAC.-TV-16.01.2020 100 000 000 100 000 100 991SECIL 2015-2020 80 000 000 80 000 80 204SEM APA 2014/2019 28 487 000 28 539 28 733SEM APA 2014/2020 41 500 000 41 500 41 604Semapa TV (20.04.2016) 3 7 650 000 7 646 7 668SONAE CAPITAL SGPS - TV - 17.01.2016 10 000 000 10 000 10 204SONAE DISTRIBUIÇAO SETEM BRO - 2007/2015 20 000 000 20 000 20 041ZON OPTIM US 2014-2019 100 000 000 99 802 100 173

1 195 167 1 209 520Commercial Paper 822 784 13 862

822 784 13 862Subo rdinated D ebtBonds

BANIF - TAX.VAR. (30.12.2015) 2 11 800 000 11 800 11 800 4 562 11 800 4 562

N ature and type o f security Quantity C o stGro ss

B o o k ValueImpairment 1

Asset Backed Securities (ABS's)


1 Additionally, the Bank recorded collective impairment of 3 990 t. euro. 2 Securities reclassified from the caption “Financial assets held for trading” in 2008, under the amendments to IAS 39 and IFRS 7 (Notes 2 and

4.49). 3Securities reclassified from the caption “Financial assets held for trading” in 2009, under the amendments to IAS 39 and IFRS 7 (Notes 2 and

4.49). 4 Securities reclassified from the caption “Financial assets available for sale” in 2013 (Notes 2 and 4.49).

Evidence of possible impairment of the Asset Backed Securities (ABSs) portfolio is determined through regular monitoring of the

performance indicators of the underlying transactions. At June 30, 2015 this did not show evidence of impaired securities.

Issued by others non - residentsNon - subordinated Debt

HSBC BRAZIL-SR.2006-A-15.04.2016 2 755 677 2 590 2 742 2 590 2 742

BANCO DE SABADELL SA-3.375%-13.01.2018 16 000 000 15 960 16 194BBVA SENIOR FINANCE SA-TV-14.09.2015 65 000 000 64 955 65 356BPE FINANCIACIONES SA-4%-17.07.2015 14 800 000 14 799 15 364BPE FINANCIACIONES, S.A.-TV 2017.02.13 49 000 000 49 000 49 123CAIXABANK-3.25%-22.01.2016 14 800 000 14 791 15 000EDDYSTONE FIN.SR2006-1 CLA1B 19.04.2021 3 305 575 239 240EDP FINANCE BV-4.625% (13.06.2016) 6 903 000 6 953 6 968EDP FINANCE BV-4.875%-14.09.2020 80 000 000 79 570 82 658EDP FINANCE BV-5.875%-01.02.2016 22 228 000 22 463 22 996EDP FINANCE BV-TV 26.06.2019 84 904 817 69 822 84 927EIRLES THREE LTD(SERIES 297)-31.12.2021 5 885 758 5 245 5 245ENEL FINANCE INTL SA-4%-14.09.2016 6 700 000 6 768 6 980EURO-VIP / 1990 4 5 362 410 4 773 4 845GAS NATURAL CAPITAL-4.375%-02.11.2016 7 000 000 6 978 7 179RED ELECTRICA FINAN.BV-3.5%-07.10.2016 7 000 000 6 983 7 161REPSOL SA-4.25%-12.02.2016 6 800 000 6 827 6 936SANTANDER INTL DEBT SA-TV-28.09.2015 40 000 000 40 000 40 002TELECOM ITALIA SPA 8.25% - 21.03.2016 6 100 000 6 259 6 398TELEFONICA EMISIONES-4.375% (02.02.2016) 5 100 000 5 092 5 183UNICREDIT SPA 4.375% 11.09.2015 4 700 000 4 706 4 870

432 183 453 625Commercial Paper 497

497

Subordinated DebtBonds

ESPIRITO SANTO INVST PLC-TV.(20.12.2015) 2 4 500 000 4 500 4 501 4 500 4 501

2 717 982 18 424

Nature and type of security Quantity

Bonds

Asset Backed Securities (ABS's)

Other Bonds

CostGross Book

ValueImpairment 1


4.8 Held to maturity investments This caption is made up as follows:

The portfolio of held to maturity investments includes assets to cover capitalisation insurance contracts issued by BPI Vida e

Pensões. At June 30, 2015 this caption was made up as follows:

1 Securities reclassified from the caption “Financial Assets held for trading” under the amendments to IAS 39 and IFRS 7, in 2008 (Notes 2 and

4.49) 2 Securities reclassified from the caption “Financial Assets held for trading” under the amendments to IAS 39 and IFRS 7, in 2009 (Notes 2 and

4.49).

4.9 Non-current assets held for sale This caption is made up as follows:

In 2014 the investment in Finangeste – Empresa Financeira de Gestão e Desenvolvimento, S.A. was reclassified to the caption

Non-current assets held for sale, as the requirements for this classification referred to in IFRS 5 – Non-current assets held for

sale were met, namely the existence of negotiations to sell this investment. The sale was completed in the first half of 2015. The changes in impairment losses and provisions in the first half of 2015 are shown in Note 4.22.

Debt Instruments Bonds issued by other Portuguese entities Non-subordinated debt 1 192 1 186 Bonds issued by foreign government entities 59 994 Bonds issued by other foreign entities Non-subordinated debt 19 270 25 252 Subordinated debt 1 900 1 900 Accrued interest 32 50

22 394 88 382


D ebt InstrumentsIssued by o thers residents

no n - subo rdinated D ebtBonds

SEM APA - TV (20.04.2016) 2 1 200 000 1 192 1 195 1 192 1 195

Issued by o ther no n resident ent it iesN o n - subo rdinated D ebtBonds

BANCA CARIGE SPA-TV-07.06.2016 2 1 000 000 1 000 1 001IBERCAJA(CA.ZARAGOZA A.R.)TV-20.04.2018 1 6 000 000 6 000 6 010IBERCAJA(CA.ZARAGOZA A.R.)TV-25.04.2019 1 8 400 000 8 400 8 413ING GROEP NV-TV. (11.04.2016) 1 3 900 000 3 871 3 872

19 271 19 296Subo rdinated D ebtBonds

CAM INTERNATIONAL-TV-26.04.2017 2 1 900 000 1 900 1 903 1 900 1 903

22 363 22 394

C o stGro ss

B o o k ValueImpairment N ature and type o f security Quantity

Finangeste – Empresa Financeira de Gestão e Desenvolvimento, S.A.Gross Value 20 136Impairment ( 8 532)

11 604



4.10 Investment properties The caption Investment properties refers to properties held by the fund Imofomento – Fundo de Investimento Imobiliário Aberto

which is consolidated in accordance with the full consolidation method, in accordance with the accounting policy explained in

Note 2.5. At June 30, 2015 the real estate classified as investment properties and related gains and losses were as follows:

Number of fractions Area (m2)

Acquisition Cost

Book value /Fair Value

Unrealised Gains (Losses)

Leasehold real estate assetsAlverca E.N.110 Km 127.6 - Lote B 1 344 233 303 70Armazéns Vialonga Alfarrobeira 2 7 800 8 284 6 579 ( 1 705)Av.Combatentes Grande Guerra102-Coimbra 2 168 274 291 17Av.Das Descobertas nº 21 - Lisboa 1 1 334 4 000 3 903 ( 97)Av.Das Descobertas nº 23 - Lisboa 1 1 132 3 998 4 249 251Av.Liberdade 245-Lisboa 6 427 867 987 120Av.Liberdade nº 160 - Lisboa 1 2 133 6 390 6 227 ( 163)Av.Luís Bivar nº 93 - Lisboa 1 205 424 431 7Avenida 5 Outubro 206 - Edif.Nina - Lisboa 1 3 844 9 105 10 752 1 646Avenida Antonio Augusto Aguiar nº 128 Lisboa 1 2 648 4 915 6 709 1 794C.Comercial Vasco da Gama Lisboa 1 15 210 42 645 44 862 2 217Edif.Peninsula Praça Bom Sucesso 105/169 -Porto 20 2 922 7 227 6 680 ( 547)Estrada Marginal-Parque Oceano Sto. Amaro Oeiras 26 2 387 3 059 3 696 636Loja Quinta do Lago - Algarve 1 627 1 905 1 881 ( 24)Qta Pinheiro-Lote 2-Edif.Monsanto Carnaxide 2 352 541 450 ( 91)Quinta da Francelha Edif.Sagres - Prior Velho 6 633 784 676 ( 108)R. Alfredo da Silva 8 A - Alfragide 2 1 872 1 832 1 162 ( 670)Rua Cesario Verde Lote E - Cascais 1 1 803 3 493 3 319 ( 175)Rua da Saudade 132 - Porto 2 127 133 142 9Rua General Ferreira Martins - 8 Miraflores 16 1 095 1 459 1 016 ( 443)Rua o Primeiro de Janeiro - Estadio Bessa 2 4 668 13 200 8 144 ( 5 056)Rua Padre Americo -18 A e 18 G -Telheiras 1 198 294 443 149Rua Soeiro Pereira Gomes Lote 1 - Lisboa 6 328 491 587 97Urb. Pimenta Rendeiro Lote 210-Massamá 1 300 684 722 38Urbanização dos Areeiros Lote 8- S.João da Talha 1 285 228 325 97Vale de Lobo - Algarve 1 894 2 631 2 562 ( 69)

119 098 117 099 ( 1 998)Non-Leased real estate assetsAvenida da Liberdade 38 - Edif.Libersil - Lisboa 10 1 352 1 936 2 556 621Edif.Peninsula Praça Bom Sucesso 105/169 -Porto 40 1 943 6 448 5 234 ( 1 214)Estrada Marginal-Parque Oceano Sto. Amaro Oeiras 45 787 629 890 261Qta Pinheiro- Lote 2-Edif.Monsanto Carnaxide 8 2 203 3 505 2 798 ( 707)Quinta da Arrogela 10 19 446 13 610 11 663 ( 1 947)Quinta da Francelha Edif.Sagres - Prior Velho 20 1 752 2 052 1 806 ( 246)R. Alfredo da Silva 8 A - Alfragide 16 1 749 2 467 1 880 ( 587)R.Alfredo Silva 8-Piso 1 Corpo B Urb.Qta Grande Alfragide 1 324 335 298 ( 37)R.Combatentes Grande Guerra-150 a 168-Gondomar 2 857 745 583 ( 162)Rua da Saudade 132 - Porto 32 2 229 2 580 2 343 ( 237)Rua General Ferreira Martins - 8 Miraflores 22 1 797 2 376 1 611 ( 765)Rua General Ferreira Martins 10 - Miraflores 2 437 579 472 ( 107)Rua o Primeiro de Janeiro - Estadio Bessa 5 1 305 1 545 1 937 392Rua Soeiro Pereira Gomes Lote 1 - Lisboa 46 2 290 3 366 3 607 241

42 174 37 678 ( 4 496) 161 272 154 777 ( 6 495)


The changes in this caption in the first half of 2015 and 2014 were as follows:

The impact of the fair value revaluation of the investment properties is recorded in the statement of income caption Operating

income and expenses (Note 4.42).

Opening balance 31, December Acquisition cost 161 272 168 087Revaluations ( 6 495) ( 3 138)Net Value 154 777 164 949

Acquisitions 508

Sales and RebatesAcquisition cost ( 5 423)Reavaluations ( 525)

Reavaluations ( 892)

Closing balance 31, December Acquisition cost 161 272 163 172Reavaluations ( 6 495) ( 4 555)Net Value 154 777 158 617

Jun. 30, 15Jun. 30, 14 Proforma


4.11. Other tangible assets

The changes in other tangible assets in the first half of 2015 were as follows:

Property

Property for own use 148 915 16 041 ( 7 234) 3 166 ( 8 324) 152 564 31 576 1 596 ( 69) ( 79) ( 1 117) 31 907 120 657 117 339

Other property 13 13 2 2 11 11

Leasehold improvements 113 684 181 ( 1 509) 756 ( 3 594) 109 518 98 545 1 401 ( 1 509) ( 2 532) 95 905 13 613 15 139

262 612 16 222 ( 8 743) 3 922 ( 11 918) 262 095 130 123 2 997 ( 1 578) ( 79) ( 3 649) 127 814 134 281 132 489

Equipment

Furniture and fixtures 51 265 708 ( 67) 124 ( 1 040) 50 990 43 968 916 ( 64) ( 587) 44 233 6 757 7 297

Machinery and tools 14 042 220 ( 143) 38 ( 383) 13 774 11 997 302 ( 142) 31 ( 257) 11 931 1 843 2 045

Computer hardware 184 015 5 012 ( 6 588) 1 110 ( 2 720) 180 829 171 041 3 921 ( 6 579) ( 2 031) 166 352 14 477 12 974

Interior installations 141 219 776 ( 1 862) 2 935 ( 736) 142 332 114 839 3 467 ( 1 416) ( 342) 116 548 25 784 26 380

Vehicles 12 898 807 ( 143) 38 ( 886) 12 714 9 961 1 023 ( 142) 1 ( 734) 10 109 2 605 2 937

Security equipment 27 567 63 ( 234) 48 ( 439) 27 005 23 826 510 ( 229) ( 254) 23 853 3 152 3 741

Other equipment 601 1 ( 39) 563 128 3 ( 4) 127 436 473

431 607 7 587 ( 9 037) 4 293 ( 6 243) 428 207 375 760 10 142 ( 8 572) 32 ( 4 209) 373 153 55 054 55 847

Tangible assets in progress 13 540 2 302 ( 8 614) ( 441) 6 787 6 787 13 540

Other tangible assets 12 131 37 ( 10) 12 158 9 768 68 ( 10) 9 826 2 332 2 363

25 671 2 339 ( 10) ( 8 614) ( 441) 18 945 9 768 68 ( 10) 9 826 9 119 15 903

719 890 26 148 ( 17 790) ( 399) ( 18 602) 709 247 515 651 13 207 ( 10 160) ( 47) ( 7 858) 510 793 198 454 204 239

Transfers and others

Gross

Balance at Dec. 31, 14Proforma

Balance at Jun. 30, 15

Depreciation for the period


Balance at Dec. 31, 14 Proforma

Foreign exchange

differences


PurchasesBalance at Jun. 30, 15

Sales and write-offs

NetDepreciation



Foreign exchange

differences


The changes in other tangible assets in the first half of 2014 Proforma were as follows:

Property

Property for own use 138 126 921 ( 248) 2 173 794 141 766 28 082 1 299 ( 14) 85 29 452 112 314 110 044

Other property 104 ( 92) 12 36 ( 34) 2 10 68

Leasehold improvements 110 139 119 ( 1 697) 1 448 328 110 337 96 484 1 269 ( 1 361) ( 214) 229 96 407 13 930 13 655

248 369 1 040 ( 2 037) 3 621 1 122 252 115 124 602 2 568 ( 1 395) ( 228) 314 125 861 126 254 123 767

Equipment

Furniture and fixtures 52 820 390 ( 3 285) 8 101 50 034 45 141 883 ( 3 239) ( 3) 52 42 834 7 200 7 679

Machinery and tools 14 056 215 ( 1 102) 1 32 13 202 12 447 295 ( 1 099) ( 13) 21 11 651 1 551 1 609

Computer hardware 185 432 1 925 ( 4 933) 751 222 183 397 175 381 3 126 ( 4 922) 7 177 173 769 9 628 10 051

Interior installations 155 561 596 ( 13 329) 157 71 143 056 121 952 4 283 ( 12 809) ( 43) 33 113 416 29 640 33 609

Vehicles 11 722 590 ( 631) 79 11 760 8 327 979 ( 583) 138 59 8 920 2 840 3 395

Security equipment 26 907 266 ( 283) 15 38 26 943 23 363 489 ( 279) ( 212) 21 23 382 3 561 3 544

Other equipment 583 1 ( 2) 4 586 139 3 ( 1) 141 445 444

447 081 3 983 ( 23 565) 932 547 428 978 386 750 10 058 ( 22 931) ( 127) 363 374 113 54 865 60 331

Tangible assets in progress 10 674 4 927 ( 5 741) 38 9 898 9 898 10 674

Other tangible assets 12 570 ( 271) ( 42) 12 257 10 005 96 ( 240) ( 42) 9 819 2 438 2 565

23 244 4 927 ( 271) ( 5 783) 38 22 155 10 005 96 ( 240) ( 42) 9 819 12 336 13 239

718 694 9 950 ( 25 873) ( 1 230) 1 707 703 248 521 357 12 722 ( 24 566) ( 397) 677 509 793 193 455 197 337

PurchasesBalance at Jun. 30, 14Proforma



Foreign exchange

differences

Gross

Balance at Jun. 30, 14Proforma

Foreign exchange

differences

Depreciation for the period







NetDepreciation


4.12. Intangible assets The changes in intangible assets in the first half of 2015 were as follows:

The changes in intangible assets in the first half of 2014 Proforma were as follows:

85 228 1 230 2 378 ( 682) 88 154 68 464 4 291 ( 535) 72 220 15 934 16 764

Other intangible assets 26 358 ( 2 734) ( 117) 23 507 23 697 6 ( 2 734) ( 117) 20 852 2 655 2 661

111 586 1 230 ( 2 734) 2 378 ( 799) 111 661 92 161 4 297 ( 2 734) ( 652) 93 072 18 589 19 425

Intangible assets in progress 5 458 973 ( 2 509) 3 922 3 922 5 458

117 044 2 203 ( 2 734) ( 131) ( 799) 115 583 92 161 4 297 ( 2 734) ( 652) 93 072 22 511 24 883

Software


PurchasesTransfers

and others

Gross



Foreign exchange

differences


Amortization



Amortization for the period



Foreign exchange

differences

Net

71 044 798 ( 13) 173 51 72 053 62 581 2 299 ( 13) 32 64 899 7 154 8 463

Other intangible assets 28 735 ( 788) 12 27 959 26 063 6 ( 788) 12 25 293 2 666 2 672

99 779 798 ( 801) 173 63 100 012 88 644 2 305 ( 801) 44 90 192 9 820 11 135

Intangible assets in progress 8 014 928 ( 188) 8 754 8 754 8 014

107 793 1 726 ( 801) ( 15) 63 108 766 88 644 2 305 ( 801) 44 90 192 18 574 19 149

Software


Proforma


Gross


Foreign exchange

differences




Purchases

Net

Balance at Jun. 30, 14 Proforma


Foreign exchange

differences

Amortization for the period


Amortization


4.13. Investments in associated companies and jointly controlled entities Investments in associated companies and jointly controlled entities, recorded in accordance with the equity method, are

as follows:

In the first half of 2015 Banco BPI subscribed for 30% of Banco Comercial e de Investimentos’ share capital increase, in

the amount of 12 988 t. euro.

In the first half of 2015 and 2014 the BPI Group received the following dividends from associated companies:

In some of the associated companies, Banco BPI is party to shareholder agreements that contain, among others, rules

on the composition of the governing bodies and on the transfer of shares of such companies.

None of the associated companies of the BPI Group are listed on the stock exchange.

4.14. Tax assets This caption is made up as follows:

Details of deferred tax assets are presented in Note 4.45.

Banco Comercial e de Investimentos, S.A.R.L. 30.0 30.0 67 008 54 776

Companhia de Seguros Allianz Portugal, S.A. 35.0 35.0 84 807 93 572

Cosec – Companhia de Seguros de Crédito, S.A. 50.0 50.0 27 873 29 909

Inter-Risco - Sociedade de Capital de Risco, S.A. 49.0 49.0 524 881

Unicre - Instituição Financeira de Crédito, S.A. 21.0 21.0 34 348 33 842

214 560 212 980

Effective participation (%) Book value

Jun. 30, 15Dec. 31, 14 Proforma Jun. 30, 15


Banco Comercial e de Investimentos, S.A.R.L. 1 879

Companhia de Seguros Allianz Portugal, S.A. 8 581 24 667

Cosec – Companhia de Seguros de Crédito, S.A. 3 549 3 904

Inter-Risco - Sociedade de Capital de Risco, S.A. 196

Unicre - Instituição Financeira de Crédito, S.A. 1 403 1 135

13 729 31 585

Jun 30, 15Dec 31, 14 Proforma

Current tax assetsCorporate income tax recoverable 3 788 8 670Others 2 141 2 028

5 929 10 698Deferred tax assetsDue to temporary differences 306 261 309 001Due to tax losses carried forw ard 86 716 102 832

392 977 411 833 398 906 422 531

Dec 31, 14 Proforma

Jun 30, 15


4.15. Other assets This caption is made up as follows:

The caption “Other applications” at June 30, 2015 and December 31, 2014 includes 6 441 t. euro and 3 170 t. euro,

respectively, relating to collateral pledged in guarantee under derivative transactions relating to bonds issued through

Sagres – Sociedade de Titularização de Créditos, S.A.

The caption “Other debtors” at June 30, 2015 and December 31, 2014 includes 58 093 t. euro and 53 538 t. euro

relating to instalments receivable from the sale in 2008 of 49.9% of the share capital of Banco de Fomento Angola, S.A..

The selling price was 365 671 t. euro, part of the proceeds from the sale being paid in eight annual instalments, from

2009 to 2016, plus compensation due to monetary correction.

Debtors, other applications and other assets Debtors for future operations 28 366 12 279Collateral accounts 4 086 3 000Other aplications 13 716 10 798VAT recoverable 1 179 2 228Debtors for loan interest subsidy receivable 4 857 4 438Other debtors 77 522 75 277Overdue debtors and other applications 448 385Impairment on overdue debtors and other applications ( 1 532) ( 1 449)Other assetsGold 57 53Other available funds and other assets 347 364

129 046 107 373

Tangible assets available for sale 158 574 166 758Impairment ( 30 003) ( 29 390)

128 571 137 368Accrued incomeFor irrevocable commitments assumed in relation to third parties 251 276For banking services rendered to third parties 1 962 2 624Other accrued income 23 157 28 496

25 370 31 396Deferred expensesInsurance 173 21Rent 3 350 3 524Other deferred expenses 15 558 8 813

19 081 12 358Liability for pensions and other benefitsPension Fund Asset Value

Pensioners and employees 1 354 314Directors 43 322

Past Service LiabilitiesPensioners and employees (1 279 031)Directors ( 44 600)Others ( 1 552)

72 453Other accountsForeign exchange transactions pending settlement 32 028 43 378Stock exchange transactions pending settlement 521 5 265Non stock exchange transactions pending settlement 11 256Operations on assets pending settlement 254 641 347 648

298 446 396 291 672 967 684 786


Jun. 30, 15


The changes in assets received in settlement of defaulting loans and other tangible assets available for sale in the first

half of 2015 were as follows:

The changes in assets received in settlement of defaulting loans and other tangible assets available for sale in the first

half of 2014 were as follows:

At June 30, 2015, the properties received in settlement of defaulting loans were made up as follows, by type of property:

1 This category includes all buildings that are not exclusively business or housing.

At December 31, 2014 the properties received in settlement of defaulting loans were made up as follows, by type of

property:

1 This category includes all buildings that are not exclusively business or housing.

Real estate 161 217 ( 27 366) 133 851 15 151 ( 23 293) 1 260 ( 2 067) 207 153 282 ( 28 173) 125 109

Equipment 1 006 ( 699) 307 391 ( 687) 246 ( 52) 17 727 ( 505) 222

Others 61 ( 61) 61 ( 61)

Other tangible assets

Real estate 4 474 ( 1 264) 3 210 30 4 504 ( 1 264) 3 240

166 758 ( 29 390) 137 368 15 572 ( 23 980) 1 506 ( 2 119) 224 158 574 ( 30 003) 128 571

Foreign exchange translation difference

Balance at Jun. 30, 15Sales and write-offs

NetGross

Increase / Reversals of impairment

Impairment ImpairmentGross

Balance at Dec. 31, 14 Proforma Acquisitions

and transfers

Assets received in settlement of defaulting loans

Gross Impairment Net

Real estate 168 251 ( 33 214) 135 037 22 738 ( 16 356) 1 692 ( 2 129) 13 174 646 ( 33 651) 140 995

Equipment 2 129 ( 1 308) 821 1 210 ( 1 700) 254 1 1 640 ( 1 054) 586

Others 61 ( 61) 61 ( 61)

Other tangible assets

Real estate 3 920 ( 1 198) 2 722 554 4 474 ( 1 198) 3 276

174 361 ( 35 781) 138 580 24 502 ( 18 056) 1 946 ( 2 129) 14 180 821 ( 35 964) 144 857

ImpairmentGross

Foreign exchange translation difference


Net

Increase / Reversals of impairment

Balance at Dec. 31, 13 Proforma Acquisitions

and transfers


Gross Impairment ImpairmentNet Gross

Assets received in settlement of defaulting loans

AssetsNr of

propertiesFair Value Book value

Land 57 8 031 6 424 Urban 34 6 875 5 412 Rural 23 1 156 1 012

Buildings 1 373 143 655 118 449 Business 249 22 260 18 803 Housing 958 84 598 67 906

Others 1 166 36 797 31 740Others 3 270 236Total 1 433 151 956 125 109

AssetsNr of

propertiesFair Value Book value

Land 55 9 324 7 846 Urban 30 7 817 6 522 Rural 25 1 508 1 324

Buildings 1 449 152 461 125 545 Business 265 22 919 19 783 Housing 975 88 707 70 919

Others 1 209 40 835 34 844Others 5 571 459Total 1 509 162 356 133 851


At June 30, 2015 the properties received in settlement of defaulting loans were made up as follows, by age:

1 This category includes all buildings that are not exclusive for business or housing.

At December 31, 2014 the properties received in settlement of defaulting loans were made up as follows, by age:

1 This category includes all buildings that are not exclusive for business or housing.

The caption “Other accrued income” at June 30, 2015 and December 31, 2014 includes 9 583 t. euro and 19 200

t. euro, respectively, relating to accrued commission from participation in the results of insurance products (Notes 2.16

and 4.40).

At June 30, 2015 the caption “Past service liabilities – Others” corresponded to the liability of Banco de Fomento Angola

in accordance with Law 18/90 of Angola, regarding the Angola Social Security system, which defines that retirement

pensions must be granted to all Angolan employees enrolled in the Social Security.

The caption “Stock exchange transactions pending settlement” ” at June 30, 2015 and December 31, 2014 refers to the

sale of securities only settled in the following month.

The caption “Non stock exchange transactions pending settlement” at June 30, 2015 refers to the sale of securities only

settled in the following month.

At June 30, 2015 and December 31, 2014 the balance of the caption asset operations pending adjustment includes:

201 662 t. euro and 236 831 t. euro, respectively, relating to securitisation operations carried out by Banco BPI

(Notes 4.7 and 4.21), resulting from temporary differences between settlement of the securitised loans and

settlement of the liability for assets not derecognised;

28 201 t. euro relating to taxes to be settled, of which 6 962 t. euro relate to taxes in litigation, paid under Decree-

Law 248-A / 02 of November 14 and 19 916 t. euro relate to taxes in litigation paid under Decree-Law 151-A / 13 of

October 31;

6 598 t. euro and 7 422 t. euro, respectively, relating to housing loans pending settlement;

50 401 t. euro at December 31, 2014 relating to contributions to the Pension Fund made in the first quarter of

2015;

The changes in impairment losses and provisions in the first half of 2015 and 2014 are shown in Note 4.22.

Time since the settlement / execution

< 1 year>= 1 year and < 2.5 years

>= 2.5 years and < 5 years

>= 5 years Book value

Land 2 114 964 920 2 426 6 424 Urban 2 106 365 853 2 087 5 412 Rural 8 599 67 338 1 012Buildings 28 542 37 600 40 754 11 554 118 449 Business 1 561 6 950 7 389 2 904 18 803 Housing 25 242 21 324 15 327 6 013 67 906

Others 1 1 740 9 326 18 037 2 637 31 740Others 149 86 236Total 30 655 38 714 41 760 13 979 125 109

Time since the settlement / execution

< 1 year>= 1 year and < 2.5 years

>= 2.5 years and < 5 years

>= 5 years Book value

Land 4 633 298 522 2 393 7 846 Urban 4 037 266 164 2 055 6 522 Rural 597 32 357 338 1 324Buildings 31 585 42 459 41 668 9 833 125 545 Business 1 855 8 752 6 762 2 414 19 783 Housing 25 256 25 056 15 405 5 203 70 919

Others 1 4 474 8 652 19 501 2 216 34 844Others 149 310 0 0 459Total 36 368 43 067 42 189 12 226 133 851


4.16. Resources of Central Banks This caption is made up as follows:

In the first half of 2015 and in 2014 Banco BPI took funds from the EuroSystem, using part of its portfolio of eligible assets for this

purpose (Note 4.34).

4.17. Financial liabilities held for trading This caption is made up as follows:

4.18. Resources of other credit institutions This caption is made up as follows:

The balance of the caption “Debt securities sold with repurchase agreements” is made up essentially of money market repurchase

operations, used for liquidity management purposes.

Resources of the Bank of Portugal

Deposits 1 519 650 1 545 301

Accrued interest 486 15 883

Resources of other Central Banks

Deposits 1 1

1 520 137 1 561 185


Short selling

Debt instruments

Bonds issued by foreign government entities 12 552 799

Derivative instruments with negative fair value (Note 4.4) 319 673 325 986

332 225 326 785


Resources of Portuguese credit institutions

Deposits 329 485 308 662

Loans 56 52

Other resources 4 540 4 948

Accrued interest 877 953

334 958 314 615

Resources of foreign credit institutions

Deposits of international financial organisations 708 602 708 649

Very short term resources 677 228

Deposits 173 528 172 731

Debt securities sold with repurchase agreements 99 801 81 399

Other resources 56 811 78 319

Accrued interest 587 1 238

1 040 006 1 042 564

Correction of the amount of hedged liabilities 13 352 15 262

Commission relating to amortised cost 9

1 388 325 1 372 441



4.19. Resources of customers and other debts This caption is made up as follows:

The caption “Resources of customers” at June 30, 2015 included 271 036 t. euro and 188 982 t. euro, respectively, relating to deposits

of investment funds and pension funds managed by the BPI Group (205 652 t. euro and 205 652 t. euro, respectively, at December 31,

2014).

Demand deposits 11 389 573 10 188 124

Term deposits 14 371 946 16 241 371

Savings deposits 70 946 78 718

Compulsory deposits 8 497 8 564

Cheques and orders payable 64 463 60 582

Debt securities sold with repurchase agreement 75 747 94 260

Other resources of customers 58 143 44 989

Minority interests in investment funds

BPI Alternative Fund (Lux) 122 777 83 547

BPI Obrigações Mundiais 21 599 14 459

BPI Strategies 15 673 13 635

Imofomento 76 820 83 323

Capitalisation insurance products - Unit links 1 717 414 904 401

Capitalisation insurance products - Guaranteed Rate and Guaranteed Retirem 34 856 53 941

Accrued interest 192 572 218 038

28 221 026 28 087 952


Commission relating to amortized cost (net) ( 2 525)

28 255 454 28 134 617


Jun. 30, 15


4.20. Debt securities This caption is made up as follows:

The average interest rates mentioned in the preceding table were calculated based on the interest rate of each issue in relation to the

nominal value of the bonds. It is not possible to calculate the rate for the Variable Income Bonds as the income is only known when it is

due.

As part of its medium and long term funding plan, the BPI Group issues cash bonds. Some of the bonds are issued under the Euro Medium Term Notes (EMTN) program.

The maximum amount for issues under the EMTN program is 10 000 000 000 euro.

Cash bonds can only be issued by institutions under the Bank of Portugal’s supervision. They are an instrument currently used by the

BPI Group to provide investment solutions for its customers, as an alternative to term deposits.

Bonds issued, being cash bonds or bonds issued under the EMTN program, can be issued in different currencies.

In 2008 the BPI Group set up two guaranteed bond issue programs (mortgage bonds and bonds over the public sector), under Decree-

Law 59/2006. Under these programs the BPI Group made three issues of mortgage bonds in 2009, four issues of mortgage bonds and

one issue of bonds over the public sector in 2010, two issues of mortgage bonds in 2011 and one issue of mortgage bonds in 2012.

In accordance with this law, the holders of the mortgage bonds benefit from a special credit privilege over the autonomous assets, which

consists of a guarantee of the debt to which the bondholders have access in the event of the issuer’s insolvency.

The mortgage bonds program was set up for up to a maximum of 7 000 000 000 euro.

The mortgage bonds are secured by a portfolio of mortgage loans and other assets that together constitute an autonomous cover pool.

Assets allocated to the cover pool include mortgage loans for housing or commercial purposes located in a EU Member State and other

eligible assets, such as deposits at the Bank of Portugal, deposits with financial institutions with ratings equal to or greater than " A - "

and other low risk and highly liquid assets. The total value of the other assets cannot exceed 20% of the cover pool. The amount of the

allocated mortgage loans cannot exceed 80% of the value of the mortgaged property in the case of residential property, or 60% of the

value of the mortgaged property, in the case of commercial property.


Issued Repurchased BalanceAverage

interest rate Issued Repurchased BalanceAverage

interest rate Commercial Paper EUR 16 335 16 335 1.2%

16 335 16 335Covered Bonds EUR 4 575 000 (3 850 000) 725 000 0.8% 4 325 000 (2 837 000) 1 488 000 1.5%

4 575 000 (3 850 000) 725 000 4 325 000 (2 837 000) 1 488 000Fixed rate cash bonds EUR 409 934 ( 38 453) 371 481 3.2% 500 826 ( 76 965) 423 861 3.4%

409 934 ( 38 453) 371 481 500 826 ( 76 965) 423 861Variable rate cash bonds EUR 30 000 ( 15 928) 14 072 1.4%

30 000 ( 15 928) 14 072

Variable income cash bonds

EUR 126 959 ( 34 362) 92 597 245 390 ( 42 270) 203 120

USD 40 531 ( 12 910) 27 621 74 603 ( 11 263) 63 340

167 490 ( 47 272) 120 218 319 993 ( 53 533) 266 460

5 152 424 (3 935 725) 1 216 699 5 192 154 (2 983 426) 2 208 728

Accrued interest 7 495 28 993


Premiums and commission (net) ( 1 247) ( 9 085)

10 659 29 346

1 227 358 2 238 074


The legislation applicable to mortgage bonds imposes prudential limits, which must be met during the period of the bonds:

The total nominal amount of the outstanding mortgage bonds cannot exceed 95% of the total amount of mortgage loans and other

assets assigned to the bonds;

The average maturity of the outstanding mortgage bonds cannot exceed, at any time, the average maturity of the mortgage loans

and other assets assigned to the bonds;

The total amount of interest payable to the holders of mortgage bonds cannot exceed, at any time, the amount of interest

receivable related to the mortgage loans and other assets assigned to the bonds;

The net present value of the liabilities arising from the outstanding mortgage bonds cannot exceed, at any time, the net present

value of the cover pool given as collateral of these bonds, after consideration of any financial derivative instruments. This ratio

must be maintained when considering a 200 basis points parallel up or down shift of the yield curve;

The credit institutions’ risk exposure, except for positions with residual maturity less than or equal to 100 days, cannot exceed 15%

of the total nominal amount of the outstanding mortgage bonds.

At June 30, 2015 the amount of mortgage bonds issued by the BPI Group was 4 175 000 000 euro, split into 8 issues as follows:

At June 30, 2015 and December 31, 2014, the cover pool allocated to the mortgage bonds amounted to 5 690 442 t. euro and

5 825 542 t. euro, respectively, of which 5 681 570 t. euro and 5 772 866 t. euro corresponded to mortgage loans (Note 4.7).

The bond program over the public sector was constituted for up to a maximum of 2 000 000 000 euro.

The bonds over the public sector are secured by a portfolio of public sector loans and other assets that together constitute the cover

pool.

Loans granted to central public administrations, regional or local authorities of any EU Member State as well as loans with a specific

guarantee from these entities may be allocated to the cover pool.

The prudential limits applicable to public sector bonds are similar to those applicable to the mortgage bonds, except for the limit on the

maximum nominal amount of outstanding bonds in relation to the loans and other assets allocated to the cover pool, which in the case

of bonds over the public sector is 100%.

OH - Series 5 OH - Series 8 OH - Series 9 OH - Series 10

Issue Date 28/05/2009 12/02/2010 21/05/2010 05/08/2010

Nominal Amount EUR 175 000 000 EUR 200 000 000 EUR 350 000 000 EUR 600 000 000

ISIN PTBB1XOE0006 PTBB5WOE0003 PTBBP6OE0023 PTBBQQOE0024

Maturity Date 28/05/2016 12/02/2017 21/05/2025 05/08/2020

Rating ( Moody's/S&P/Fitch ) Aaa/-/- Aaa/-/- Aaa/-/- -/-/AAA

Reimbursement At maturity At maturity At maturity At maturity

Interest Payment frequency Quarterly Annual Quarterly Quarterly

Coupon Euribor 3 m + 1.20% Euribor 3 m + 0.84% Euribor 3 m + 0.65% Euribor 3 m + 0.65%

Repurchases - - EUR 350 000 000 EUR 600 000 000

OH - Series 11 OH - Series 12 OH - Series 13 OH - Series 14

Issue Date 25/01/2011 25/08/2011 20/07/2012 30/03/2015

Nominal Amount EUR 200 000 000 EUR 600 000 000 EUR 800 000 000 EUR 1 250 000 000

ISIN PTBBPMOE0029 PTBBWAOE0024 PTBBR3OE0030 PTBBRROE0048

Maturity Date 25/01/2018 25/08/2021 20/07/2017 27/03/2025

Rating ( Moody's/S&P/Fitch ) Aa1/AA/AA+ A3/A+/A- Baa3/A-/- Baa2/-/-

Reimbursement At maturity At maturity At maturity At maturity

Interest Payment frequency Quarterly Annual Quarterly Quarterly

Coupon Euribor 3 m + 4.60% Euribor 3 m + 0.65% Euribor 3 m + 0.65% Euribor 3 m + 0.50%

Repurchases - EUR 600 000 000 EUR 800 000 000 EUR 1 250 000 000


At June 30, 2015 BPI Group held two outstanding issues of bonds over the public sector amounting to 400 000 000 euro, as follows:

At June 30, 2015 and December 31, 2014 the cover pool allocated to bonds over the public sector amounted to 700 256 t. euro and

693 532 t. euro, respectively, of which 695 675 t. euro and 672 417 t. euro corresponded to loans (Note 4.7).

The BPI Group issues bonds on a regular basis, with different remuneration conditions:

Fixed rate – bonds issued on which the BPI Group is committed to pay a previously defined rate of income, calculated based on a

fixed interest rate from the time of issue to maturity;

Variable rate - bonds issued on which the BPI Group is committed to pay income calculated based on a specified interest rate

index published by an outside source (market);

Variable income – bonds issued for which the return is not known, or certain, at the issue date, and can be subject to changes

depending on the evolution of certain underlying assets (indices or indexing rates) announced at the date of issue. Such bonds

have embedded derivatives which are recorded in specific accounts as required by IAS 39 (Note 4.4.). In addition, the BPI Group

maintains options contracts to hedge the risks of change in the cost incurred with these bonds.

The changes in the bonds issued by the BPI Group in the first half of 2015 were as follows:

The changes in the bonds issued by the BPI Group in 2014 were as follows:

OSP - Series 1 OSP - Series 2

Issue Date 17/07/2008 30/09/2010

Nominal Amount EUR 150 000 000 EUR 250 000 000

ISIN PTBP14OE0006 PTBBRHOE0024

Maturity Date 15/06/2016 30/09/2017

Rating ( Moody's/S&P/Fitch ) -/AAA/- -/A/-

Reimbursement At maturity At maturity

Interest Payment frequency Quarterly Annual

Coupon Euribor 3 m - 0.004% Euribor 3 m + 0.4%

Repurchases - EUR 250 000 000

Balance at December 31, 2014 16 335 1 488 000 423 861 14 072 266 460 2 208 728Bonds issued during the period 1 250 000 34 645 1 284 645Bonds redeemed ( 16 335) ( 763 000) ( 80 626) ( 14 072) ( 144 169) (1 018 202)Repurchases (net of resales) (1 250 000) ( 6 399) ( 4 376) (1 260 775)Exchange difference 2 303 2 303Balance at June 30, 2015 725 000 371 481 120 218 1 216 699

Commercial Paper

Variable income bonds

Variable rate bonds

Fixed rate bonds Covered Bonds

Total

Balance at December 31, 2013 1 519 400 677 591 100 000 231 569 2 528 560Bonds issued during the period 16 335 155 557 30 000 208 237 410 129Bonds redeemed ( 536 284) ( 142 000) ( 218 727) ( 897 011)Repurchases (net of resales) ( 31 400) 126 997 26 072 43 264 164 933Exchange difference 2 117 2 117Balance at December 31, 2014 16 335 1 488 000 423 861 14 072 266 460 2 208 728

TotalVariable

income bonds Commercial

PaperCovered Bonds

Fixed rate bonds Variable rate

bonds


Bonds issued by the BPI Group at June 30, 2015, by maturity date, are as follows:

Bonds issued by the BPI Group at December 31, 2014, by maturity date, are as follows:

2015 2016 2017 2018-2021 > 2021 Total

Covered Bonds

EUR 325 000 200 000 200 000 725 000

325 000 200 000 200 000 725 000

Fixed rate bonds

EUR 60 028 249 815 36 349 5 289 20 000 371 481

60 028 249 815 36 349 5 289 20 000 371 481

Variable income bonds

EUR 17 871 5 916 14 207 54 603 92 597

USD 11 476 4 647 11 498 27 621

29 347 5 916 18 854 66 101 120 218

Total 89 375 580 731 255 203 271 390 20 000 1 216 699

Maturity

2015 2016 2017 2018-2021 > 2021 TotalCovered BondsEUR 763 000 325 000 200 000 200 000 1 488 000

763 000 325 000 200 000 200 000 1 488 000

Fixed rate bondsEUR 141 365 254 564 6 652 1 280 20 000 423 861

141 365 254 564 6 652 1 280 20 000 423 861Variable rate bonds EUR 14 072 14 072

14 072 14 072Variable income bonds EUR 24 282 30 371 62 879 85 588 203 120USD 11 503 10 881 16 877 24 079 63 340

35 785 41 252 79 756 109 667 266 460Total 956 485 634 888 286 408 310 947 20 000 2 208 728

Maturity


4.21. Financial liabilities relating to transferred assets This caption is made up as follows:

Banco BPI launched securitisation operations, the main features of which are summarised in the tables below. These were issued

through Sagres – Sociedade de Titularização de Créditos S.A..

The bonds issued by securitisation vehicles and held by BPI Group entities were eliminated in the consolidation process.

On February 11, 2011 Banco BPI launched its second small and medium company securitisation operation, in the amount of

3 472 400 t. euro, under the name of Douro SME Series 2. The operation was issued through Sagres – Sociedade de Titularização de

Créditos S.A..The operation was issued in 4 lots, their main characteristics being as follows:

This issue was made in order to be eligible for possible funding from the European Central Bank.

On November 24, 2005 Banco BPI launched its first housing loan securitisation operation, in the amount of 1 500 000 t. euro, under the

name of DOURO Mortgages No. 1. The operation was issued in 5 lots, their main characteristics being as follows:

Loans

Housing loans 3 069 951 4 530 686

Loans to SME's 3 366 700 3 373 700

Liabilities held by the BPI Group (5 480 072) (6 856 024)

Accrued costs 1 078 1 479

Commission relating to amortised cost (net) ( 1 599) ( 2 110)

956 058 1 047 731

Liabilities relating to assets not derecognised in securitisation operations (Note 4.7)


Description Amount

Estimated residual

average life (years)

Rating (Fitch / DBRS)

GuaranteeSpread /

Fixed rate

Class A Notes 1 819 400 2.75 A+/AWithout

guarantee0.15%

Class B Notes 1 317 500 2.75 n/rWithout

guaranteen/a

Class C Notes n/a n/rWithout

guaranteen/a

Class D Notes 229 800 2.75 n/rWithout

guaranteeResidual interest

Total of the issues 3 366 700 Liabilities held by BPI Group (3 366 700)Total

Description Amount

Estimated residual


Rating (Moody's, S&P,

Fitch)Spread

Class A Notes 359 928 5.51 A3/BBB+/A+ 0.28%

Class B Notes 7 616 5.51 Ba2/BB/A 0.34%

Class C Notes 6 924 5.51 B1/BB/BBB 0.54%

Class D Notes 5 770 5.51 B3/BB-/BB 0.94%

Class E Notes 6 084 5.51 nr/nr/nrResidual Interest

Total of the issues 386 322 Other funds 3 Liabilities held by BPI Group ( 99 592)Total 286 733


On September 28, 2006 Banco BPI launched its second housing loan securitisation operation in the amount of

1 500 000 t. euro under the name of DOURO Mortgages No. 2. The operation was issued in 6 lots, their main characteristics being as

follows:

1 Until the date of the call option (October 2015); after this date, if the option is not exercised, the spread doubles.

On July 31, 2007 Banco BPI launched its third housing loan securitisation operation in the amount of 1 500 000 t. euro under the name

of DOURO Mortgages No. 3.The operation was issued in 6 lots, their main characteristics being as follows:

1 Until the date of the call option (August 2016); after this date, if the option is not exercised, the spread is multiplied by 1.5.

On August 6, 2010 Banco BPI launched its fifth housing loan securitisation operation in the amount of 1 421 000 t. euro under the name

of DOURO Mortgages No. 5.The operation was issued in 3 lots, their main characteristics being as follows:

Note: This operation was fully repaid on July 21, 2015 by exercise of the call option.

This issue was made in order to be eligible for possible funding from the European Central Bank.

Description Amount

Estimated residual



Fitch)Spread 1

Class A1 Notes 4 992 6.91 A1/BBB+/A 0.05%

Class A2 Notes 504 507 6.91 Baa1/BBB+/A 0.14%

Class B Notes 12 444 6.91 Ba3/BB/BBB 0.17%

Class C Notes 8 072 6.91 B2/B/BB 0.23%

Class D Notes 6 390 6.91 Caa1/B-/B 0.48%

Class E Notes 6 437 6.91 nr/nr/nrResidual Interest

Total of the issues 542 842 Liabilities held by BPI Group ( 372 635)Total 170 207

Description Amount

Estimated residual



Fitch)Spread 1

Class A Notes 755 512 8.03 Baa2/BB/BBB+ 0.16%

Class B Notes 19 370 8.03 nr/B/BB+ 0.17%

Class C Notes 11 518 8.03 nr/B-/BB 0.23%

Class D Notes 9 947 8.03 nr/B-/B 0.48%

Class F Notes 1 251 8.03 nr/nr/nrResidual Interest

Total of the issues 797 598 Other funds ( 1)Liabilities held by BPI Group ( 297 958)Total 499 639

Description Amount

Estimated residual


Rating (S&P, DBRS)

Spread

Class A Notes 1 021 187 0.06 A/AA 0.20%

Class B Notes 301 000 0.06 nr/nr 0.00%

Class C Notes 21 000 0.06 nr/nrResidual Interest

Total of the issues 1 343 187 Liabilities held by BPI Group (1 343 187)Total


4.22. Provisions and impairment losses The changes in provisions and impairment losses of the Group in the first half of 2015 were as follows:

Utilisation of impairment losses on loans and advances to customers in the first half of 2015 corresponds to credit write-offs, of which

74 514 t. euro relates to loans sold.

The increase net of decreases in impairment losses on loans and advances in the first half of 2015 includes (6 677) t. euro relating to

the operations of BPI Vida, that was included under caption "Technical result of insurance contracts" (Note 4.39).

The impairment of non-current assets held for sale corresponds to impairment recorded on the investment in Finangeste – Empresa

Financeira de Gestão e Desenvolvimento, S.A, which corresponds to the difference between the book value of the investment and its

valuation in the ongoing negotiation process for the sale of the investment (Note 4.9). The investment was sold in the first half of 2015,

and the respective impairment was used.

In the first half of 2015, the increases net of decreases of impairment losses on debtors, other applications and other assets and of other

provisions include, respectively, 278 t. euro and 1 263 t. euro relating to Imofomento’s operations. In the statement of income, these

impairment losses were included under caption “Net Operating Income” (Note 4.42).


IncreasesDecreases

and reversals Utilisation

Exchange differences and others


Impairment losses on deposits at other credit institutions (Note 4.2)

2 2

Impairment losses on loans and advances to credit institutions (Note 4.6)

2 ( 2)

Impairment losses on loans and advances to customers (Note 4.7) 1 036 661 88 277 ( 13 067) ( 118 374) ( 1 398)

992 099

Impairment losses on financial assets available for sale (Note 4.5) Debt instruments 1 045 ( 1 045) Equity instruments 46 375 2 332 ( 1 779) 70 46 998 Other securitites 43 345 1 899 ( 9) 45 235 Loans and other receivables 21 359 248 21 607Impairment losses on non-current assets held for sale (Note 4.9)

8 532 ( 8 532)

Impairment losses on other assets (Note 4.15) Tangible assets held for sale 29 390 2 304 ( 185) ( 1 506) 30 003 Debtors, other applications and other assets 1 449 283 ( 124) ( 76) 1 532

Impairment losses and provisions for guarantees and commitments

38 559 5 015 ( 223) 43 351

Other provisions 68 774 12 279 ( 1 460) ( 388) ( 2 815) 76 3901 295 491 112 637 ( 14 836) ( 131 633) ( 4 442) 1 257 217


The changes in the Group’s provisions and impairment losses in the first half of 2014 were as follows:

Utilisation of impairment losses on loans and advances to customers during the first half of 2014 corresponds to credit write-offs, of

which 10 178 t. euro relates to loans sold.

The increase in impairment losses on loans and advances in the first half of 2014 includes 2 190 t. euro relating to the operations of BPI

Vida, that was included under caption "Technical result of insurance contracts" (Note 4.39).

The increases net of decreases of impairment losses on debtors, other applications and other assets and other provisions during the

first half of 2014 include 830 t. euro and 84 t. euro, respectively, relating to Imofomento’s operations. In the statement of income, these

impairment losses were included under caption “Net Operating Income” (Note 4.42).

4.23. Technical provisions This caption is made up as follows:

The technical provisions were computed on a prospective actuarial basis, contract by contract, in accordance with the technical bases of

the products.

Immediate income

Individual Interest Rate 6%

Mortality Table PF 60/64

Group Interest Rate 6%

Mortality Table PF 60/64


IncreasesDecreases

and reversals

Utilisation Exchange

differences and others


Impairment losses on loans and advances to credit institutions

2 2

Impairment losses on loans and advances to customers 931 935 104 336 ( 6 313) ( 11 366) 575

1 019 167

Impairment losses on financial assets available for sale Debt instruments 1 635 ( 590) 1 045 Equity instruments 46 105 287 7 46 399 Other securitites 18 188 4 265 22 453 Loans and other receivables 20 743 215 20 958Impairment losses on other assets Tangible assets held for sale 35 781 2 504 ( 375) ( 1 946) 35 964 Debtors, other applications and other assets 982 1 730 ( 414) ( 63) 2 235Impairment losses and provisions for guarantees and commitments

46 766 4 229 ( 129) 50 866

Other provisions 77 272 2 184 ( 3 163) ( 13 817) ( 55) 62 4211 179 409 119 750 ( 10 265) ( 27 782) 398 1 261 510

Immediate Life Annuity / Individual 4 4

Immediate Life Annuity / Group 23 24

Family Savings 9 9

BPI New Family Savings 2 424 983 2 565 208

BPI Retirement Guaranteed 158 037 162 608

BPI Retirement Savings 946 361 1 016 746

BPI Non Resident Savings 424 795 399 520

Planor 5 434 5 430

PPR BBI Life 2 301 2 193

Savings Investment Plan / Youths 2 25

South PPR 47 61

3 961 996 4 151 830



Deferred capital with Counter-insurance with Participation in Results

Group Interest Rate 4% and 0%

Mortality Table PF 60/64, TV 73-77 and GRF 80

The technical provisions also include a provision for rate commitments, which is recorded when the effective profitability of the assets

that represent the mathematical provisions of a determined product is lower than the technical interest rate used to calculate the

mathematical provisions.

The BPI New Family Savings, BPI Retirement Savings PPR and BPI Non Resident Savings are capitalisation products with guaranteed

capital and participation in the results.

4.24. Tax liabilities


Details of the deferred tax liability are presented in Note 4.45.

4.25. Contingent convertible subordinated bonds In the first half of 2014 Banco BPI repaid the total amount of the contingent convertible subordinated bonds issued on June 29, 2012

under the Recapitalisation Plan.

In the beginning of June, 2012 Banco BPI’s Board of Directors approved the Recapitalisation Plan for reinforcing Core Tier 1 own funds,

in order to comply with the minimum ratios defined by the European Banking Authority and the Bank of Portugal (Note 4.51).

The Recapitalisation Plan, in the amount of 1 500 000 t. euro, included:

a share capital increase of 200 000 t. euro, with shareholders’ pre-emptive rights;

the issuance of debt instruments eligible for own funds, subscribed for by the Portuguese State, in the amount of

1 300 000 t.euro.

On June 29, 2012 the Portuguese State subscribed for debt instruments eligible for Core Tier 1 own funds (contingent convertible

subordinated bonds), in the amount of 1 500 000 t. euro. The features of these instruments were defined in Law 63 – A/2008 of

November 24, as republished by Law 4/2012 of January 11 (Bank Recapitalisation Law), in Ministerial Order 150-A/2012 of May 17 and

in the Terms and Conditions established in Order 8840-A/2012 of the Portuguese Minister of State and Finance of June 28, 2012. The

investment period of the instrument is five years as from the date of issue, and the Recapitalisation Plan of the Bank established partial

repayments over the period of the instrument. On August 10, 2012 the Bank completed the capital increase of 200 000 t. euro, with

shareholders’ preemptive rights (Note 4.28). The amount received was used in August 13, 2012 by the Bank to repay part of the

contingent convertible subordinated bonds, the par value of which was reduced to 1 300 000 t. euro. Since that date the Bank has fully

repaid the contingent convertible subordinated bonds, as follows:

100 000 t. euro on December 4, 2012;

200 000 t. euro on March 13, 2013;

80 000 t. euro on July 16, 2013;

500 000 t. euro on March 19, 2014;

420 000 t. euro on June 25, 2014.

The contingent convertible subordinated bonds bore interest payable half yearly, at an effective annual interest rate of 8.5% in the first

year, increasing 0.25% per year in the first two years and 0.5% in each of the following years.

Current Tax Liability

Corporate income tax payable 40 116 12 343

Other 238 259

40 354 12 602

Deferred Tax Liability

On temporary differences 21 580 30 028

21 580 30 028

61 934 42 630



These instruments were convertible into Banco BPI shares on the occurrence of any one of the events listed in the Terms and

Conditions established in Order 8840-A/2012 of the Portuguese Minister of State and Finance of June 28, 2012. Briefly the conversion

events were as follows:

termination of the term of 5 years without the instruments having been fully repurchased (under Section 8.5. of the Terms and

Conditions);

occurrence of an event qualified as a material breach under Section 8.3. of the Terms and Conditions;

occurrence of the event defined in Section 9.1. of the Terms and Conditions (viability event);

occurrence of the event defined in Section 10 of the Terms and Conditions (regulatory event – the instrument is no longer

qualified as Core Tier I) and the other alternatives provided for under this Section are not possible;

occurrence of an event qualified as change in control under Section 9.2. of the Terms and Conditions;

exclusion of Banco BPI shares from listing on a regulated market, under Section 9.2. of the Terms and Conditions.

Should the conversion into Banco BPI shares referred to above have occurred, it would have been made through delivery of a number

of shares that cannot be determined prior to the occurrence of the event that determines the conversion, since (i) the definition of the

Conversion Price contained in Section 1.1. of the Terms and Conditions states that the price depends on the price / market value of the

shares in the period prior to the occurrence of the event and (ii) the determination of the number of shares is made based on the

Conversion Price.

The Terms and Conditions included an additional conversion event (if on October 1, 2012 the amount of instruments issued exceeds

1 300 000 t. euro), which will no longer occur because, as mentioned above, in August, 2012, 200 000 t. euro of these instruments were

repurchased, reducing the amount on that date to 1 300 000 t. euro.

4.26. Other Subordinated debt and participating bonds This caption is made up as follows:

In the first half of 2014, Banco BPI carried out an exchange operation of subordinated debt and participating bonds for Banco BPI

shares. The nominal amount of subordinated debt bonds (non-perpetual) and participating bonds accepted for the exchange amounted

to 63 286 t. euro and 2 932 t. euro, respectively (Note 4.41). In the first half of 2015, there were no changes in debt issued by the BPI Group.

The changes in debt issued by the BPI Group in 2014 were as follows:

Perpetual and other bonds issued by the BPI Group at June 30, 2015 are made up as follows, by residual term to maturity:


Issued Repurchased BalanceAverage

interest rate Issued Repurchased BalanceAverage

interest rate Other subordinated debtPerpetual bonds EUR 420 000 ( 360 000) 60 000 420 000 ( 360 000) 60 000 2.4%

420 000 ( 360 000) 60 000 420 000 ( 360 000) 60 000Other Bonds EUR 400 000 ( 391 293) 8 707 400 000 ( 391 293) 8 707 1.6%

400 000 ( 391 293) 8 707 400 000 ( 391 293) 8 707 820 000 ( 751 293) 68 707 820 000 ( 751 293) 68 707

Participating bonds EUR 28 081 ( 27 349) 732 28 081 ( 27 349) 732 0.7%

28 081 ( 27 349) 732 28 081 ( 27 349) 732Accrued interest 77 82

77 82 69 516 69 521

Balance at December 31, 2013 60 000 72 975 3 796 136 771Bonds redeemed ( 51 824) ( 120 923) ( 172 747)Repurchases (net of resales) 51 824 56 655 ( 3 064) 105 415Balance at December 31, 2014 60 000 8 707 732 69 439

Perpetual bonds

Otherbonds

TotalParticipating

bonds


1 In September 2012 the call option was not exercised, so these bonds now have a quarterly call option. In September 2012 the remuneration had a step-up

due to the fact that the option was not exercised. Perpetual and other bonds issued by the BPI Group at December 31, 2014 are made up as follows, by residual term to maturity:

1 In September 2012 the call option was not exercised, so these bonds now have a quarterly call option. In September 2012 the remuneration had a step-up

due to the fact that the option was not exercised.

The participating bonds can be redeemed at par at the request of the participants with the approval of the Bank or at the initiative of the

Bank with six months’ notice.

2015 2016 2017-2020 > 2020 Total

Perpetual Bonds

EUR 1 60 000 60 000

Other Bonds

EUR 8 707 8 707Total 60 000 8 707 68 707

Maturity

2015 2016 2017-2020 > 2020 Total

Perpetual Bonds

EUR 1 60 000 60 000

Other Bonds

EUR 8 707 8 707Total 60 000 8 707 68 707

Maturity


4.27. Other liabilities This caption is made up as follows:

Creditors and other resources

Creditors for futures operations 21 672 10 787

Consigned resources 34 832 16 170

Captive account resources 7 724 7 884

Guarantee account resources 10 642 11 528

State administrative sector

Value Added Tax (VAT) payable 399 335

Tax withheld at source 17 033 20 615

Social Security contributions 4 389 4 758

Other 874 1 008

Dividends payable 58 630

Contributions to other health systems 1 385 1 439

Creditors for factoring contracts 33 230 30 687

Creditors for the supply of assets 11 354 5 851

Contributions owed to the Pension Fund

Pensioners and employees 47 008

Directors 3 393

Other creditors 95 966 104 497

Deferred costs ( 210) ( 60)

297 920 265 900

Liabilities with pensions and other benefits

Pension Funds Assets

Pensioners and employees (1 201 648)

Directors ( 39 098)

Past Service Liabilities

Pensioners and employees 1 278 394

Directors 43 744

Others 1 605

82 997

Accrued costs

Creditors and other resources 260 173

Personnel costs 107 839 92 309

General administrative costs 51 703 45 025

Contribution over the banking sector 6 600 16 487

Others 2 983 5 182

169 385 159 176

Deferred income

On guarantees given and other contingent liabilities 3 666 3 861

Others 8 263 6 082

11 929 9 943

Deferred expenses

Other liabilities ( 1 290)

( 1 290)

Other accounts

Securities operations pending settlement - non stock exchange operations 24 341Liabilities pending settlement 78 799 76 831

Other operations pending settlement 124 939 102 426

203 738 203 598

682 972 720 324



The caption “Dividends payable” at June 30, 2015 corresponds to dividends to payable by Banco de Fomento de Angola to its minority

shareholders.

The caption “Other creditors” at June 30, 2015 and December 31, 2014 includes 74 704 t. euro and 80 980 t. euro, respectively, relating

to unrealized capital subscribed for in Venture Capital Funds:

At June 30, 2015 and December 31, 2014 the caption “Accrued costs – Personnel costs” included 31 326 t. euro and 30 030 t. euro,

respectively, relating to long service premiums.

The main actuarial and financial assumptions used to calculate the long service premium liability are as follows:

1 Life expectancy considered was 2 years greater than the mortality table used, for men and 3 years for women. 2 Estimated salary evolution, given the mandatory promotions due to antiquity and the seniority payments, was considered by the Bank in the pensionable salary growth rate used to calculate the pension liability. Thus, the pensionable salary growth rate was adjusted accordingly.

The changes in the long service premium liability in the first half of 2015 and in 2014 were as follows:

IFRIC 21 identifies the obligating event for the recognition of a liability as the activity that triggers the payment of the levy in accordance

with the relevant legislation. As a result of the entry into force of IFRIC 21, and based on the interpretation of the legislation in force,

Banco BPI changed its accounting policy for recognizing the extraordinary contribution over the banking sector as it believes that the

event which creates the obligation to pay the extraordinary contribution over the banking sector is the activity carried out in the year

preceding its payment, which is June of the following year. Thus, the corresponding liability for the extraordinary contribution over the

banking sector as well as its cost started being recognized on a straight-line basis over the year preceding its payment.

The caption “Non stock exchange transactions pending settlement” at December 31, 2014 refers to the acquisition of securities only

settled in the following month.

Fundo de Recuperação, FCR 18 593 19 779

Fundo InterRisco II CI 22 334 22 762

Fundo InterRisco II - Fundo de Capital de Risco 14 446 15 189

FCR - Fundo Revitalizar 6 545 10 182

Fundo de Reestruturação Empresarial, FCR 1 568 1 594

Other funds 11 218 11 474

74 704 80 980

Jun. 30, 15 Dec. 31, 14

Demographic assumptions:

Financial assumptions:

Discount rate

Beginning of the year 2.50% 4.00%

End of the year 2.50% 2.50%

Salary growth rate 2



Mandatory promotions due to antiquity and seniority 0.50% 0.50%

Jun. 30, 15 Dec. 31, 14

Mortality table 1TV 73/77-M - 2 years

TV 88/90-W -3 years

Long service premiums at the beginning of the period 30 030 25 173

Personnel costs:

Current service cost 1 298 2 348

Interest cost 403 1 035

Actuarial gains and losses

Changes in assumptions 2 891

Others ( 720)

Long service premium payments ( 405) ( 697)

Long service premiums at the end of the period 31 326 30 030

Jun. 30, 15 Dec. 31, 14


The caption “Liabilities pending settlement”, at June 30, 2015 and December 31, 2014 includes:

34 247 t. euro and 33 161 t. euro, respectively, relating to loan securitization fund transactions;

4 452 t. euro and 3 183 t. euro, respectively, relating to ATM/POS transactions to be settled with SIBS. The caption “Other operations pending settlement”, at June 30, 2015 and December 31, 2014 includes 113 388 t. euro and 95 021 t.euro, respectively, relating to transfers under SEPA (Single Euro Payment Area). 4.28. Liability for pensions and other benefits

The past service liability relating to pensioners and personnel that are, or have been, employees of BPI Group companies1, and are

covered by pension Funds, is calculated in accordance with IAS 19.

Benefits established by the BPI Group are defined benefits based on the last salary earned and the length of service, involving the

payment of benefits in the event of retirement due to length of service or disability, death and long service premiums. The rules for

calculating the benefits result mainly from the provisions of the Collective Labour Agreement for the Portuguese Banking Sector, there

being a restricted group of management employees, however, that is also covered by a supplementary defined benefit pension plan,

based on the last salary earned and length of service.

With the publication of Decree-Law 1-A/2011 of January 3, all the bank employees that benefit from CAFEB – Caixa de Abono de

Família dos Empregados Bancários were incorporated into the General Social Security Regime, as from January 1, 2011, being

covered by this regime as regards old age pensions and in the case of maternity, paternity and adoption leave, the cost of which the

Bank will no longer cover. Given the complementary nature of the rules under the Collective Labour Agreement for the Portuguese

Banking Sector (Acordo Colectivo de Trabalho do Sector Bancário), the Bank will continue to guarantee the difference between the

amount of the benefits that will be paid under the General Social Security Regime for the eventualities covered and the benefits

established in the Collective Labour Agreement.

Following the instructions of the National Council of Financial Supervisors (Conselho Nacional dos Supervisores Financeiros), the

amount of the past service liability remained unchanged at December 31, 2010. Current service cost decreased as from 2011 and the

Bank became subject to the Single Social Tax (Taxa Social Única) of 23.6%.

Incapacity and survivor pensions and sickness subsidy of these employees will continue to be the Bank’s responsibility.

Decree-Law 127/2011 of December 31, establishes the transfer to the Social Security of the liability for costs of the retirement and

survivor pension liabilities of retired personnel and pensioners that were in that situation at December 31, 2011 and were covered by the

substitute social security regime included in the collective labour regulations instrument in force for the banking sector (Pilar 1), as well

as transfer to the Portuguese State of the corresponding pension fund assets covering those liabilities.

Through its pension fund, Banco BPI maintains the liability for payment of (i) the amount of the updates of the pensions mentioned

above, in accordance with the criteria set out in the Collective Labour Agreement (Acordo Colectivo de Trabalho); (ii) the benefits

complementary to the retirement and survivor pensions assumed by the Collective Labour Agreement for the Banking Sector; (iii) the

contribution on the retirement and survivor pensions for the Social Medical Support Services (Serviços de Apoio Médico-Social); (iv)

death subsidy; (v) survivor pensions to children and surviving spouse related to the same employee and (vi) survivor pensions due to

the family of current retired employees, in which the conditions for granting the pensions occurred as from January 1, 2012.

The value of the pension fund assets transferred to the Portuguese State corresponds to the value of the liabilities undertaken by Social

Security and was determined taking into account the following assumptions: (i) discount rate of 4%; (ii) mortality tables under the

regulations defined by the Portuguese Insurance Institute (Instituto de Seguros de Portugal): male population: TV 73/77 less 1 year;

female population: TV 88/90.

Transfer of the pension fund assets was made entirely in cash.

Transfer of ownership of the assets was carried out by the Bank under the following conditions: (i) in December 2011, the amount

equivalent to 55% of the preliminary present value of the liability; (ii) in 2012, the remaining amount to complete the definitive present

value of the liability, as a result of the calculation of the definitive amount of the liability transferred, made by an independent expert

entity hired for the purpose by the Ministry of Finance.

1 Companies consolidated by the full consolidation method (Banco BPI, BPI Investimentos, BPI Gestão de Activos, BPI Private Equity and BPI Vida e Pensões)


Since the transfer to the Social Security corresponds to settlement, extinguishing the corresponding liability of Banco BPI, the difference

between the amount of the pension fund assets transferred to the Portuguese State and the amount of the liability transferred based on

actuarial assumptions used by Banco BPI in the amount of 99 652 t. euro was recorded in 2011 in the statement of income caption

“Operating gains and losses”, as established in paragraph 110 of IAS 19. As a result of the final determination of the liability transferred

to the Portuguese State and the corresponding total and definitive transmission of the Pension Funds’ assets, differences in relation to

the provisional amounts at the end of 2011 were determined, of which 1 542 t. relates to the amount of the liability and 1 688 t. euro to

the value of the fund. The positive difference between these amounts, totalling 145 t. euro, was recorded in 2012 in the caption

“Operating gains and losses”.

BPI Vida e Pensões is the entity responsible for the actuarial calculations used to determine the amounts of the retirement and survivor

pension liability, as well as for managing the respective Pension Funds.

The “Projected Unit Credit” method was used to calculate the normal cost and past service liability due to age, and the “Single

Successive Premiums” method was used to calculate the cost of the incapacity and survivor benefits.

The BPI Vida e Pensões pension plan was changed in accordance with the new Collective Labour Agreement (Contrato Colectivo de

Trabalho – CCT) for the Portuguese Insurance Sector, signed in December 2011, and published in Labour and Employment Bulletin

(Boletim do Trabalho e Emprego), n. 2, of January 15, 2012, the defined benefit plan ceasing to exist and a defined contribution plan

being introduced. Therefore, the amount of the past service liability at December 31, 2011, relating to retirement pensions of current

employees, hired up to June 22, 1995, which was covered by clause 51, item 4 of the Collective Labour Agreement (the consolidated

text of which was published in Labour and Employment Bulletin, n. 32, of August 29, 2008), that was fully funded, was converted into

individual accounts of the employees in 2012. This change does not apply to the pension liability under payment relating to employees

that at December 31, 2011 were retired or pre-retired.

The commitments assumed in the regulations of the Banco BPI Pension Plans are funded by Pension Funds and so Banco BPI is

exposed to risks resulting from the valuation of the liability and the value of the related pension funds.

As regards determination of the liability, Banco BPI is exposed to adverse changes in interest rates and credit spreads, since the

discount rate used to determine the liability results from the income of corporate bonds with AA ratings and so includes exposure to the

risk-free yields and credit spreads. In addition to the risks inherent in the discount of the future liabilities, there is exposure to the long-

term inflation and mortality rates. Any change in these rates could affect positively or negatively the amount of liabilities payable by

Banco BPI.

In the case of financial assets included in the Pension Fund assets, there is exposure of the equity component to market risk, the bond

component to interest rate risk and credit risk, as well as currency risk. In the case of real estate assets, the main risks result from the

nature of the composition of the portfolio, quality and diversification of the assets and from factors inherent in economic developments

and government policies for the sector.

The investment policy was defined taking into account a long-term strategy, with an allocation of assets that includes shares, bonds,

real estate and short-term investments. This strategy ensures suitability to the type of liability and also contributes to the appropriate

diversification of investments through the long-term expectation of different returns and volatilities of the different asset classes.


The main actuarial assumptions used to calculate the pension liability are as follows:

1 Life expectancy considered was 2 years greater than the mortality table used, for men and 3 years for women.

2 A discount rate of 2.83% for current employees and 2.00% for pensioners was considered, which is similar to that which would be obtained if a single discount rate of 2.5% were

used for the entire population.

3 A discount rate of 4.33% for current employees and 3.50% for pensioners which is similar to that which would be obtained if a single discount rate of 4.0% were used for the entire

population.

4 The mandatory promotions due to antiquity and the seniority payments were considered autonomously, directly in the evolution of the estimated salaries, and would be equivalent

to a 0.5% growth rate.

The actual results obtained in relation to the main financial assumptions were:

1 Determined solely on an annual basis.

2 Calculated based on the changes in pensionable salaries of employees working for Group companies at the beginning and end of the year (includes changes in remuneration

levels, the effect of mandatory promotions due to antiquity and seniority payments and does not reflect new hires and exits).

3 Corresponds to the ACTV table update rate.

4 Rate relative to the first half of 2015, not annualized.


Incapacity table EKV 80 EKV 80

Personnel turnover 0% 0%

Decreases By mortality By mortality


Discount rate of Banco BPI

Beginning of the year 2.50% 2 4.00% 3

End of the year 2.50% 2 2.50% 2

Discount rate of the other companies

Beginning of the year 2.50%... 4.00%...

End of the year 2.50%... 2.50%...

Pensionable salary increase rate 4 1.00%... 1.00%...

Pension increase rate 0.50%... 0.50%...

TV 73/77-M - 2 years

TV 88/90-W - 3 years


Mortality table 1

Pensionable salary increase rate1 000% 1 1.30% 2

Pension increase rate 000% 1 0.00% 3

Pension fund income rate

Banco BPI 9.94% 4 7.68%

Other companies 3.37% 4 5.98%



The following assumptions were used to calculate the amount of the social security pension which, under the provisions of the Collective

Labour Agreement (ACT), must be deducted from the pension established in the ACT:

1 Pensionable salary for Social Security includes all wages, while the pensionable salary under ACT consists only to the portion of the level base salary and seniority payments, with an estimated evolution of the total pensionable salary for Social Security larger than the pensionable salary under ACT.

Calculation of the liability for retirement and survivor pensions of the BPI Group at June 30, 2015 was based on projections of the

amounts of the actuarial evaluation as of December 31, 2014.

At December 31, 2014 the number of pensioners and employees covered by the pension plans funded by the pension funds was as

follows:

The past service liability for pensioners and employees of the BPI Group and respective coverage by the Pension Fund at June 30,

2015 and December 2014 are as follows:

The average duration of the pension liability of BPI Group employees is 17.6 years, including both current employees and pensioners. On December 31, 2014 the Bank recorded in the caption “Other Liabilities – Contributions to the Pension Fund” (Note 4.27) the amount

of 47 008 t. euro relating to the contribution for 2014 made in the first quarter of 2015, after which the degree of coverage of the liability

at that date would be 98%.

The degree of coverage of the liability complies with the rule defined in Bank of Portugal Notice 4/2005, which establishes the

requirement of full funding of pensions in payment and a 95% minimum level of funding of the past service liability for current

employees.

Evolution of the degree of coverage of the liability in the last five years was as follows:

Salary increase rate for purposes of calculating the Social Security pension1 2.00% 2.00%Salary revaluation rate for purposes of calculating the Social Security pension 1.00% 1.00%Social Security pension increase rate 0.50% 0.50%


Retired pensioners 7 067

Survivor pensioners 1 288

Current employees 5 732

Former employees (clauses 137º A and 140 of the ACTV) 3 177

17 264


Total past service liability

Liability for pensions under payment 678 076 677 871

Of w hich: [increase in the liability resulting from early retirements during

the period] [ 42 460]

Past service liability of current and former employees 600 955 600 523

1 279 031 1 278 394

Net assets of the pension funds 1 354 314 1 201 648

Contributions to be transferred to the Pension Fund 47 008

Excess/(Insuff icient) cover 75 283 ( 29 738)

Degree of coverage 106% 98%


Jun. 30, 15

June 30, 20152014

Proforma2013

Proforma2012

Proforma2011

Total past service liability 1 279 031 1 278 394 1 082 369 937 090 835 767

Net assets of the Pension Fund 1 354 314 1 201 648 1 129 067 986 874 801 250

Contributions to be transferred to the Pension Fund 47 008 2 853 500 37 888

Excess/ (insufficient) cover 75 283 ( 29 738) 49 551 50 284 3 371

Degree of coverage 106% 98% 105% 105% 100%


The changes in the present value of the past service liability in the first half of 2015 and 2014 were as follows:

The sensitivity analysis to a variation of the main financial assumptions for the entire period covered by the actuarial valuation (and not

just a variation in a given year) at June 31, 2015 would result in the following impact on the present value of the past service liability (1):

1 The same calculation method and assumptions used in the calculation of the liabilities was used, only the

assumptions under analysis varying. 2 The increase in the changes in pensionable salaries applies only to the pensionable salary pension

scheme component provided for in the Collective Labour Agreement (ACT), without any change in the

pensionable salary increase for Social Security purposes, since it is the maximum risk of the salary

evolution component. 3 The change in the pension increase applies to pensions and supplements provided by the Bank, as well

as pensions transferred to the Social Security, for which the Bank remains responsible for future updates.

Liability at the beginning of the period 1 278 394 1 082 369

Current cost:

Of the BPI Group ( 1 362) ( 642)

Of the employees 1 817 3 602

Interest cost 15 131 39 723

Actuarial (gain) and loss in the liability 134 665

Early retirements 42 460

Pensions payable (estimate) ( 14 949) ( 23 783)

Liability at the end of the period 1 279 031 1 278 394


Jun. 30, 15

by % amount

Change in the discount rate

Increase by 0.25% -4.7% ( 59 771)

Decrease by 0.25% 5.0% 64 033

Change in the pensionable salary increase rate 2

Increase by 0.25% 1.7% 22 220

Change in the pension increase rate 3

Increase by 0.25% 6.0% 77 122

Mortality Table

+1 year 3.3% 42 728

(decrease)/increase


The changes in the pension funds in the first half of 2015 and 2014 were as follows:

The estimated contribution to the pension plan to be made in 2015 amounts to 1 913 t. euro.

At June 30, 2015 and December 31, 2014 the assets of the Banco BPI Employees’ Pension Funds were as follows:

In the first half of 2015 the contributions made by the Group to the pension fund were made in securities amounting to 42 602 t.euro and

cash amounting to 4 406 t.euro. In 2014 the contributions made by the Group to the pension fund were made in real estate in the

amount of 4 995 t.euro and cash of 2 853 t.euro.

The changes in the fair value of the pension fund assets used by entities of the BPI Group or representing securities issued by these

entities in the first half of 2015 were as follows:

Net assets of the Pension Fund at the beginning of the period 1 201 648 1 129 067

Current cost:

Of the BPI Group 47 008 7 848

Of the employees 1 817 3 602

Pension Fund income (net)

Income on Plan assets computed w ith the discount rate 14 682 41 834

Deviation of return on assets 104 146 44 594

Plan conversion of BPI Vida e Pensões ( 14 987) ( 25 297)

Net assets of the Pension Fund at the end of the period 1 354 314 1 201 648


Liquidity 8.9% 7.8%

Fixed rate bonds

Listed 15.4% 14.6%

Floating rate bonds

Listed 13.7% 15.2%Portuguese shares

Listed 30.9% 27.0%

Not listed 3.5% 4.1%

Foreign shares

Listed 3.3% 3.1%

Real Estate 23.4% 27.2%

Others

Listed 0.9% 1.0%

100.0% 100.0%


Jun. 30, 15

Acquisitions Sales

Fair value of the plan assets:

Financial instruments issued by the BPI Group

Bonds 60 072 ( 6) 60 066

60 072 ( 6) 60 066

Premises used by the BPI Group 203 151 600 ( 3 325) 5 551 194 875

263 223 ( 3 331) 5 551 254 941


Changes in fair value

June. 30, 15


The changes in the fair value of the pension fund assets used by entities of the BPI Group or representing securities issued by these

entities in 2014 were as follows:

As mentioned in Note 2.8, and in accordance with the requirements of IAS 19, the Bank recognizes the effects of re-measuring the net

liability (asset) of the defined benefits relating to the pension plans and other post-employment benefits, directly in equity, in the

Statement of comprehensive income, in the period in which they occur, including the actuarial gains and losses and deviations relating

to the return on the pension fund assets.

Sales

Fair value of the plan assets:

Financial instruments issued by the BPI Group

Shares

Bonds 60 079 ( 7) 60 072

60 079 ( 7) 60 072

Premises used by the BPI Group 208 757 ( 2 558) 3 048 203 151

268 836 ( 2 565) 3 048 263 223



Changes in fair value


The changes in actuarial deviations1 from 2011 to 2014 and in the first half of 2015 were as follows:

1 Actuarial gains and losses due to differences between the actuarial assumptions and the amounts

effectively realised and changes in the actuarial assumptions. 2 Change in the calculation and payment rules of CGA – Caixa Geral de Aposentações pensions, which had

the effect of reducing the amount of pensions payable by the Bank relating to employees for which years of

service in the Public Sector were recognised. 3 Excluding deviations relating to transferred liabilities. 4 Includes 7 426 t. euro relating to deviations caused by changes in the salary growth calculating methodology. 5 Includes (25) t. euro relating to BPI Vida e Pensões.

Amount at December 31, 2010 Proforma ( 254 767)

Adjustment in the ACTV Table below the estimate 39 559

Change in the actuarial assumptions 181 228

Deviation in pension CGA2 16 370

Deviation in pension fund income ( 300 665)

Deviation in pensions paid ( 1 098)

Others 2 668

Amount at December 31, 2011 ( 316 705)

Of which:

Deviation associated w ith the transferred liabilities ( 193 538)

Deviation associated w ith the liabilities that remain w ith the Bank ( 123 167)

Amount at December 31, 2011 3 ( 123 167)


Change in the actuarial assumptions

Discount rate and pension increase rate ( 98 212)

Others 4 ( 9 026)

Deviation in pension fund income 113 349

Deviation in pensions paid 597

Others 5 885



Change in the actuarial assumptions

Discount rate and pension increase rate ( 93 721)

Mortality table ( 42 635)



Others ( 4 452)



Change in the f inancial and demographic assumptions

Discount rate and pension and salary increase rate ( 149 225)

Others ( 2 400)


Deviation in pensions paid ( 1 516)

Others ( 1 345)

Amount at December 31, 2014 Proforma (Note 4.32) ( 183 894)


Deviation in pensions paid ( 35)

Amount at June 30, 2015 (Note 4.32) ( 79 783)


The consolidated financial statements as of June 30, 2015 and 2014 include the following amounts relating to coverage of the pension

liability, in the captions “Interest, financial gain and loss with pensions” (Note 4.41) and “Personnel costs” (Note 4.43):

The Members of the Executive Board of Banco BPI, S.A. and the remaining Board Members of Banco Português de Investimento

benefit from a supplementary retirement and survivor pension plan. At December 31, 2006 a pension fund was started to cover this

liability.

The main actuarial assumptions used to calculate the pension liability were as follows:

1 The life expectancy considered was 2 years greater than the mortality table used, for men and 3 years for women. 2 Increase equal to the variation of the Consumer Index Prices rate according with the rules of the pension plan.

The actual results obtained in relation to the main financial assumptions were as follows:

1 Determined solely on an annual basis.

2 Calculated based on the changes in pensionable salaries of Directors serving in the Group companies in the beginning and end of the year.

3 Corresponds to the variation in the CPI in accordance with the pension plan rules.

4 Rate relative to the first half of 2015, not annualized.

Interest and f inancial gain and loss w ith pensions

Interest cost relating to the liabilities 15 131 20 884

Income on Plan assets computed w ith the discount rate ( 14 682) ( 21 796)

449 ( 912)

Personnel costs

Current service cost ( 1 362) ( 53)

( 1 362) ( 53)


Jun. 30, 15


Incapacity table EKV 80 EKV 80

Personnel turnover 0% 0%

Decreases By mortality By mortality


Discount rate



Pensionable salary increase rate 0.50% 0.50%

Pension increase rate 2 0.50% 0.50%

Mortality table 1TV 73/77-M - 2 years

TV 88/90-W - 3 years

Dec. 31, 14 ProformaJun. 30, 15

Pensionable salary increase rate 000% 1 0.0% 2

Pension increase rate 000% 1 0.3% 3


Pension fund income rate 3.67% 4 6.36%


At June 30, 2015 and December 31, 2014 the past service liability of this plan and respective coverage by the Pension Fund were as follows:

The average duration of the pension liability of directors is 11.5 years, including both current directors and pensioners. On December 31, 2014 the Bank recorded in the caption “Other Liabilities - Contributions to the Pension Fund” (Note 4.27) the amount

of 3 393 t. euro relating to the contribution for 2014 made in the first quarter of 2015, after which the degree of coverage of the liability at

that date was 97%.

At June 30, 2015 and December 31, 2014 the degree of coverage of the liabilities complies with the rule defined in Bank of Portugal

Notice 4/2005, which establishes the requirement of full funding of pensions in payment and a 95% minimum level of funding of the past

service liability for current employees.

The changes in the degree of coverage of the liabilities in the last five years were as follows:

The changes in the present value of the past service liability of the plan in the first half of 2015 and in 2014 were as follows:

Total past service liability

Liability for pensions under payment 18 967 18 670

Past service liabilty relating to the current and former directors 25 633 25 074

44 600 43 744

Net assets of the pension fund 43 322 39 098

Contributions to be transferred to the Pension Fund 3 393

Excess/(Insuff icient) cover ( 1 278) ( 1 253)

Degree of coverage 97% 97%


Jun. 30, 15

June 30, 20152014

Proforma2013

Proforma2012

Proforma2011

Total past service liability 44 600 43 744 39 137 35 113 31 141

Net assets of the Pension Fund 43 322 39 098 35 262 32 638 28 335

Contributions to be transferred to the Pension Fund 3 393 2 805 2 475 2 806

Excess/ (insuff icient) cover ( 1 278) ( 1 253) ( 1 070)

Degree of coverage 97% 97% 97% 100% 100%

Liability at the beginning of the period 43 744 39 137

Current service cost 903 1 752

Interest cost 562 1 548

Actuarial (gain)/loss in the liability 2 683

Pensions payable (estimate) ( 609) ( 1 376)

Liability at the end of the period 44 600 43 744


Jun. 30, 15


The sensitivity analysis to a variation of the main financial assumptions for the entire period covered by the actuarial valuation (and not

just a variation in a given year) at June 30, 2015 would result in the following impact on the present value of the past service liability (1):

1 The same calculation method and assumptions used in the calculation of the liabilities was used, only varying the assumptions under analysis. 2 The increase in the changes in pensionable salaries applies only to the pensionable salary pension scheme component provided for in the Collective Labour Agreement (ACT), without any change in the pensionable salary increase for Social Security purposes, since it is the maximum risk of the salary evolution component. 3 The change in the pension increase applies to pensions and supplements provided by the Bank, as well as pensions transferred to the Social Security, for which the Bank remains responsible for future updates.

The changes in the pension fund in in the first half of 2015 and in 2014 were as follows:

At June 30, 2015 and December 31, 2014 the net assets of the Banco BPI Directors’ Pension Fund were as follows:

Contributions to the Pension Funds in the first half of 2015 and in 2014 were paid in cash.

As mentioned in Note 2.8, and in accordance with the requirements of IAS 19, the Bank recognizes the effects of re-measuring the

liability (asset) of the defined benefit pension plans and other post-employment benefits, directly in equity, in the Statement of

Comprehensive Income, in the period in which they occur, including the actuarial gains and losses and deviations in the return on

pension fund assets.

by % amount

Change in the discount rate

Increase by 0.25% -3.1% ( 1 379)

Decrease by 0.25% 3.2% 1 449

Change in the pensionable salary increase rate 2

Increase by 0.25% 0.8% 346

Change in the pension increase rate 3

Increase by 0.25% 2.9% 1 286

Mortality Table

+1 year 3.5% 1 541

(decrease)/increase

Net assets of the Pension Fund at the beginning of the period 39 098 35 262

Contributions made 3 393 2 805

Pension Fund income (net)

Income on Plan assets computed w ith the discount rate 539 1 428

Deviation of return on assets 894 816

Pensions paid by the Pension Fund ( 602) ( 1 213)

Net assets of the Pension Fund at the end of the period 43 322 39 098


Liquidity 11.6% 14.3%

Fixed rate bonds

Listed 45.4% 41.7%

Indexed rate bonds

Listed 5.6% 5.4%

Shares

Listed 30.7% 31.7%

Real Estate

Listed 1.2% 1.2%

Others

Listed 5.5% 5.7%

100.0% 100.0%



The changes in actuarial deviations from 2011 to 2014 and in the first half of 2015 were as follows:

The consolidated financial statements as of June 30, 2015 and 2014 include the following amounts relating to coverage of the pension

liability for Directors, in the captions “Interest and financial gain and loss with pensions” (Note 4.41) and “Personnel costs” (Note 4.43):

Amount at December 31, 2010 Proforma 515

Change in actuarial assumptions 994Deviation in pension fund income ( 1 927)Deviation in pensions paid 69

Amount at December 31, 2011 ( 349)

Change in the f inancial and demographic assumptions ( 1 716)Deviation in pension fund income 859Deviation in pensions paid 232

Others ( 458)



Discount rate and pension increase rate ( 2 262)Mortality table ( 1 192)

Deviation in pension fund income ( 238)Deviation in pensions paid 236

Others 1 236



Discount rate and pension and salary increase rate ( 4 897)

Changes on the retirement age assumptions 1 709

Deviation in Pension Fund income 816


Others 505

Amount at December 31, 2014 Proforma (Note 4.32) ( 5 356)

Deviation in Pension Fund income 894


Amount at June 30, 2015 (Note 4.32) ( 4 455)

Interest and f inancial gain and loss w ith pensions

Interest cost relating to the liabilities 562 804

Income on Plan assets computed w ith the discount rate ( 539) ( 726)

23 78

Personnel costs

Current service cost 903 858

903 858



4.29. Share capital At June 30, 2015 Banco BPI’s share capital amounted to 1 293 063 t. euro, represented by 1 456 924 237 ordinary, nominal

dematerialized shares, of no par value.

The Shareholders’ General Meeting held on April 23, 2014 approved a proposal to increase share capital, to be paid up in kind, under a

Public Exchange Offer of subordinated debt, participating bonds and preference shares for new shares of Banco BPI. The exchange

operation was completed in June 2014. The nominal value of the securities subject to the offer was 127 001 t. euro, of which 115 758 t.

euro accepted the exchange, which corresponds to an acceptance rate of 91%. The share capital increase included 66 924 000 new

shares issued at the price of 1.54 euros, which corresponds to a share capital increase of 103 063 t. euro. Following this operation,

Banco BPI’s share capital was increased to 1 293 063 t. euro,

The Shareholders’ General Meeting held on April 23, 2014 granted the Board of Directors of Banco BPI authorization to do the

following, after obtaining all the permissions necessary considering the terms and conditions (hereinafter referred to as Terms and

Conditions) of the Core Tier 1 Capital Instruments (contingent convertible subordinated bonds) subscribed for by the Portuguese State

in connection with Banco BPI’s recapitalization operation:

a) To purchase treasury shares of up to 10% of Banco BPI’s share capital, provided that:

i) the treasury shares are purchased on a market registered by the Securities Market Commission (Comissão do Mercado de

Valores Mobiliários - CMVM), at a price between 120% and 80% of the weighted daily average prices of Banco BPI shares on

the 10 official price market sessions managed by Euronext Lisboa - Sociedade Gestora de Mercados Regulamentados, S.A.

(Euronext) preceding the date of purchase;

or

ii) the purchases result from assets received in payment agreements, to settle obligations emerging from contracts entered into by

Banco BPI, provided that the value attributed, for that purpose, to the shares does not exceed the value determined by

application of the criteria defined in (i) above;

b) To sell Banco BPI shares provided that:

i) the shares and options to purchase shares of Banco BPI are sold to employees and Directors of Banco BPI and subsidiaries, as

share-based payments under the terms and conditions established in the Variable Remuneration Program (RVA) regulations;

ii) the shares sold are delivered to the Portuguese State, under the terms of and pursuant to the “Alternative Interest Payment

Mechanism” established in clause 6 of the Terms and Conditions;

or

iii) the shares are sold to third parties under the following conditions:

1. the shares are sold in a market registered at the Securities Market Commission (CMVM); and

2. the shares are sold at a price not less than 80% of the weighted average of the daily weighted average prices of Banco BPI

shares on the 10 official price market sessions managed by Euronext preceding the date of sale;

c) Carry out repurchase or resale agreements or the loan of shares of Banco BPI, provided that such operations are conducted with

qualified investors that meet the requirements to be eligible counterparties of Banco BPI, in accordance with articles 30 and 317-D

of the Securities Code (Código dos Valores Mobiliários).

The purchases and sales authorized by this decision may be carried out within eighteen months from the date thereof, this permission

also being applicable, with the due adaptations, to the acquisition and sale of Banco BPI shares by Banco Português de Investimento,

S.A..

Without prejudice to its freedom of decision and action under the above permissions, the Board of Directors, in carrying them out,

should take into account, whenever it considers it necessary based on the relevant circumstances, the requirements of Commission

Regulation (EC) 2273/2003 of December 22, 2003, as well as compliance at all times with the requirements of the Terms and

Conditions of clause 11.


4.30. Other equity instruments and treasury shares These captions are made up as follows:

The caption “Other equity instruments” includes accrued share-based payment program (RVA) costs relating to shares to be made

available and options not yet exercised.

Details of the share-based Variable Remuneration Program (RVA) are included in Note 4.50.

The BPI Group’s financial statements as of June 30, 2015 and December 31, 2014 reflect 6 445 768 and 6 880 744 treasury shares,

respectively, including 359 486 and 550 617 treasury shares to be made available under the RVA program for which ownership was

transferred to the employees on the grant date.

In the first half of 2015 and in 2014 the Bank recorded directly in shareholders’ equity losses of - 1 336 t. euro and - 2 586t. euro,

respectively, on the sale of treasury shares hedging the variable remuneration (RVA) program.

Other equity instruments

Cost of shares to be made available to Group employees

RVA 2011 1

RVA 2012 34 23

RVA 2013 436 589

RVA 2014 530

RVA 2015 307

Costs of options not exercised (premiums)

RVA 2009 786

RVA 2010 548 558

RVA 2011 46 49

RVA 2012 753 475

RVA 2013 1 330 1 331

RVA 2014 928

RVA 2015 399

3 853 5 270

Treasury shares

Shares to be made available to Group employees

RVA 2011 1

RVA 2012 13 26

RVA 2013 622 935

Shares hedging RVA options

RVA 2009 6 242

RVA 2010 6 372 250

RVA 2011 2 156 2 248

RVA 2012 3 461 3 950

RVA 2013 24 23

Other shares 152 153

12 800 13 828

Dec. 31, 14Jun. 30, 15


4.31. Revaluation reserves


Deferred taxes have been calculated in accordance with current legislation and correspond to the best estimate of the impact of

recognising the unrealized gains and losses included in the caption “Revaluation Reserves”.

4.32. Other reserves and retained earnings


In accordance with Article 97 of the General Regime for Credit Institutions and Financial Companies, approved by Decree-Law 298/91

of December 31 and amended by Decree-Law 201/2002 of September 25, Banco BPI must appropriate at least 10% of its net income

each year to a legal reserve until the amount of the reserve equals the greater of the amount of share capital or the sum of the free

reserves plus retained earnings.

At June 30, 2015 and December 31, 2014 the share premium account and legal reserve of the BPI Group companies which, under the

applicable regulations, may not be distributed, amounted to 191 213 t. euro and 184 034 t. euro, respectively which, weighted by Banco

BPI’s effective participation percentage in these companies, amounted to 92 536 t. euro and 88 608 t. euro, respectively. These

reserves are included in the captions consolidation reserves and retained earnings and revaluation reserves.

The caption “Consolidation reserves” at June 30, 2015 and December 31, 2014 includes 23 147 t. euro and 28 302 t. euro, respectively,

relating to the amount of the revaluation reserves of the companies recorded in accordance with the equity method, weighted by the BPI

Group’s (effective) participation in them.

Revaluation reserves

Reserves resulting from valuation to fair value of financial assets available for sale (Note 4.5): Debt Instruments

Securities 132 464 158 724

Hedging derivatives ( 180 454) ( 220 439)

Equity Instruments 28 420 30 379

Other ( 3 176) ( 3 837)

Reserve for foreign exchange difference on investments in foreign entities Subsidiary or associated companies ( 67 707) ( 33 075)

Equity instruments available for sale 3 ( 1)Legal revaluation reserve 703 703

( 89 747) ( 67 546)

Deferred tax reserve

Resulting from valuation to fair value of financial assets available for sale: Tax assets 14 335 18 565

Tax liabilities ( 1 988) ( 2 162)

12 347 16 403

( 77 400) ( 51 143)

Jun. 30, 15 Dec. 31, 14

Legal reserve 86 124 86 124

Merger reserve 2 530 2 530

Consolidation reserves and retained earnings 728 946 669 936

Other reserves 340 855 568 299

Actuarial deviations

Associated w ith the transferred liabilities ( 193 538) ( 193 538)

Associated w ith the liabilities that remain w ith the Bank ( 84 238) ( 189 250)

Taxes related to actuarial deviations 70 666 100 890

Loss on treasury shares ( 6 023) ( 4 688)

Taxes relating to gain on treasury shares 1 504 1 784

946 826 1 042 087

Jun. 30, 15 Dec. 31, 14


In 2014 BPI Group recorded under the caption “Consolidation reserves and retained earnings” the amount of 9 536

t. euro corresponding to the impact, net of taxes, of the exchange of preference shares for new shares of Banco BPI (Notes 4.29 and

4.33). This caption at December 31, 2014 also includes (3 467) t. euro relating to the revaluation of the new Banco BPI shares issued as

part of the exchange operation of subordinated debt for new shares of Banco BPI (Note 4.41).

4.33. Minority interests This caption is made up as follows:

In 2008, as part of the sale operation of 49.9% of BFA's share capital, a shareholders agreement relating to Banco de Fomento Angola,

S.A. was signed, containing, among others, rules on the composition of the governing bodies and on the transfer of the Bank’s shares.

Minority interests in BPI Capital Finance at June 30, 2015 and December 31, 2014 include 1 786 t euro, relating to preference shares:

The C Series preference shares, with a nominal value of 1 000 each, issued in August 2003, entitle the holders to a non-cumulative

preference dividend, if and when declared by the Directors of BPI Capital Finance, Ltd., at an annual rate equal to the three month

Euribor rate plus a spread of 1.55 percentage points up to August 12, 2013 and thereafter to a non-cumulative preference dividend at a

rate equal to the three month Euribor rate plus a spread of 2.55 percentage points. The dividends are payable quarterly on February 12,

May 12, August 12 and November 12 of each year. The payment of dividends and redemption of the preference shares are guaranteed

by Banco BPI.

BPI Capital Finance, Ltd. will not pay any dividend on the preference shares if, during the year or quarter in progress, such dividend plus

amounts already paid exceed Banco BPI’s distributable funds.

The C Series preference shares are redeemable in whole or in part at their nominal value, at the option of BPI Capital Finance, Ltd. on

any dividend payment date as from August 2013, subject to prior consent of the Bank of Portugal and Banco BPI. The C series

preference shares are also redeemable in whole, but not in part, at the option of BPI Capital Finance, Ltd, with prior approval of the

Bank of Portugal and Banco BPI, if a disqualifying capital event or tax event occurs.

These shares are subordinate to all liabilities of Banco BPI and "pari passu" with any other preference shares that might be issued by

the Group in the future.

In the first half of 2014 Banco BPI carried out an exchange operation of preference shares for new shares of Banco BPI. The nominal

value of the preference shares accepted for exchange amounted to 49 540 t. euro. Considering that the price attributed to the exchange

corresponded to 75% of the nominal value, a gain net of taxes in the amount of 9 536 t. euro was obtained, which was recorded under

the caption “Consolidation reserves and retained earnings” (Note 4.32).

Minority shareholders in:

Banco de Fomento Angola, S.A. 389 492 416 464 69 433 49 020

BPI Capital Finance Ltd 1 804 1 805 22 659

391 296 418 269 69 455 49 679


Statement of IncomeBalance Sheet

Jun. 30, 15 Dec. 31, 14

Jun. 30, 15 Dec. 31, 14

Issued Repurchased Balance Issued Repurchased Balance

"C" Series Shares 250 000 ( 248 214) 1 786 250 000 ( 248 214) 1 786

250 000 ( 248 214) 1 786 250 000 ( 248 214) 1 786


4.34. Off balance sheet items This caption is made up as follows:

Guarantees given and other contingent liabilities

Guarantees and sureties 1 723 839 1 826 825

Stand-by letters of credit 72 056 75 882

Documentary credits 305 725 265 895

Sureties and indemnities 96 109

2 101 716 2 168 711

Assets given as collateral 7 969 160 8 444 846

Commitments to third parties

Irrevocable commitments

Options on assets 9 371 13 713

Irrevocable credit lines 1 152 1 598

Securities subscription 355 930 303 726

38 714 38 714

Commitment to the Investor Indemnity System 9 550 9 188

Revocable commitments 2 992 642 2 989 001

3 407 359 3 355 940

Responsibility for services provided

Deposit and safeguard of assets 43 387 423 33 524 551

Amounts for collection 166 751 128 132

Assets managed by the institution 5 262 237 5 149 239

48 816 411 38 801 922

Jun. 30, 15

Term commitment to make annual contributions to the deposit Guarantee Fund

Dec. 31, 14


The structure, by sector, of the guarantees given to the BPI Group at June 30, 2015 and December 31, 2014 is as follows:

Amount % Amount %Domestic activity

Agriculture, animal production and hunting 6 178 0.3 7 004 0.3Forestry and forest operations 428 535Fishing 746 746Mining 4 310 0.2 4 443 0.2Beverage, tobacco and food 24 119 1.1 83 035 3.8Textiles and clothing 15 539 0.7 14 247 0.7Leather and related products 1 697 0.1 1 697 0.1Wood and cork 8 396 0.4 12 346 0.6Pulp, paper and cardboard and graphic arts 4 441 0.2 5 503 0.3Coke, refined petroleum products and fuel pellets 863 19 606 0.9Chemicals, synthetic or artif icial f ibres, except pharmaceutical products

10 320 0.5 6 364 0.3

Base pharmaceutical products and pharmaceutical mixtures 1 995 0.1 2 246 0.1Rubber and plastic materials 10 556 0.5 12 521 0.6Other mineral non-metallic products 27 967 1.3 29 576 1.4Metalw orking industries 39 250 1.9 35 656 1.6Computers, electronic, electrical and optical equipment 14 006 0.7 11 704 0.5Transport equipment 16 357 0.8 13 051 0.6Other manufacturing industries 6 611 0.3 7 967 0.4Electricity, gas and w ater 43 405 2.1 55 553 2.6Water treatment and collection 86 835 4.1 97 296 4.5Construction 338 840 16.2 354 881 16.4Wholesale and retail trade; motor vehicle and motorcycle repairs

200 101 9.5 204 714 9.4

Transport and storage 213 747 10.2 272 030 12.5Restaurants and hotels 25 730 1.2 27 381 1.3Information and communication activities 87 217 4.1 150 533 6.9Investment holding companies 210 351 10.0 44 616 2.1Financial intermediation, except for insurance and pension funds

41 914 2.0 27 499 1.3

Insurance, reinsurance and pension funds, except for mandatory social security

851 825

Auxiliary activities to f inancial services and insurance 192 637Real estate 15 948 0.8 30 752 1.4Consulting, scientif ic, technical and similar activities 49 868 2.4 55 830 2.6Administrative and support services 13 286 0.6 14 689 0.7Public administration, defence and mandatory social security 16 587 0.8 19 272 0.9Education 3 203 0.2 3 187 0.1Healthcare and w elfare 5 203 0.2 4 950 0.2Leisure, cultural and sports activities 8 676 0.4 10 488 0.5Other service companies 3 210 0.2 3 039 0.1Other companies 1 8 140 0.4 379IndividualsOthers 31 011 1.5 34 044 1.6

International activityFinancial and credit institutions 23 462 1.1 21 510 1.0Non-financial companies 478 756 22.8 464 944 21.4Individuals 1 404 0.1 1 415 0.1

2 101 716 100.0 2 168 711 100.01 Companies without CAE Code (Business Activity Classification - Classificação das Actividades Económicas)

Jun. 30, 15 Dec. 31, 14


The caption “Assets given as collateral” at June 30, 2015 and December 31, 2014 includes:

81 770 t. euro and 109 783 t. euro, respectively, relating to credit and 6 150 722 t. euro and 6 759 151 t. euro relating to

securities, captive for obtaining funding from the European Central Bank (ECB).

5 046 t. euro and 4 977 t. euro, respectively, relating to securities given in guarantee to the Securities Market Commission

(Comissão do Mercado de Valores Mobiliários - CMVM) under the Investor Indemnity System (Sistema de Indemnização

aos Investidores);

46 589 t. euro and 47 077 t. euro, respectively, relating to securities given in guarantee to the Deposit Guarantee Fund.

at June 30, 2015, repos of bonds in the amount of 182 413 t. euro.

Additionally, at June 30, 2015 and December 31, 2014 the caption “Assets given as collateral” includes, respectively, 1 371 703

t. euro and 1 396 632 t. euro of securities and 129 370 t. euro and 124 762 t. euro of credit, given as collateral to the European

Investment Bank.

The “Options on assets” caption at June 30, 2015 and December 31, 2014 corresponds to share options issued by the BPI

Group under the share-based payments program (RVA).

The “Commitments to third parties - Securities subscription” caption at June 30, 2015 and December 31, 2014 corresponds to

Banco BPI’s commitment to subscribe for commercial paper if the securities issued are not totally or partially subscribed for by

the market.

The “Term commitment to make annual contributions to the Deposit Guarantee Fund” caption at June 30, 2015 and December

31, 2014 corresponds to BPI’s legally required irrevocable commitment, to pay to the Fund, upon request by it, of the amount of

the annual contributions not yet paid.

The “Commitment to the Investor Indemnity System” caption at June 30, 2015 and December 31, 2014 corresponds to BPI’s

irrevocable commitment, legally required under the applicable legislation, to pay the System, if required to do so, its share of

the amounts necessary to indemnify investors.

At June 30, 2015 the BPI Group managed the following third party assets:

Investment Funds and PPRs 1 902 242

Pension Funds 1 2 392 3281 Includes the Group companies’ Pension Funds.


4.35. Financial margin (narrow sense) This caption is made up as follows:

4.36. Gross margin on unit links This caption is made up as follows:

Interest and similar income

Interest on deposits w ith banks 87 260

Interest on placements w ith credit institutions 23 776 13 453

Interest on loans to customers 241 701 244 412

Interest on credit in arrears 9 434 4 939

Interest on securities held for trading and available for sale 155 810 161 719Interest on securitised assets not derecognised 70 641 89 869Interest on derivatives 97 797 153 377

Interest on debtors and other aplications 898 1 230

Other interest and similar income 1 640 1 947

601 784 671 206

Interest and similar expense

Interest on resources

Of central banks 609 4 898

Of other credit institutions 3 312 3 452

Deposits and other resources of customers 155 151 201 455

Debt securities 24 387 36 437

Interest from short selling 346 682

Interest on derivatives 97 451 167 889

6 662 7 654

Interest on contingent convertible subordinated bonds 26 675

Interest on subordinated debt 644 1 293

Other interest and similar expenses 868 67

289 430 450 502


Jun. 30, 15

Interest on liabilities relating to assets not derecognised on securitised operations

Income from financial instruments

Interest 3 763 1 977

Gains and losses on f inancial instruments 27 865 16 354

Gains and losses on capitalisation insurance - unit links ( 31 629) ( 18 331)

Management and redemption comission 5 380 1 993

5 379 1 993


Jun. 30, 15


4.37. Income from equity instruments This caption is made up as follows:

4.38. Net commission relating to amortized cost This caption is made up as follows:

4.39. Technical result of insurance contracts This caption is made up as follows:

This caption includes the result of capitalization insurance with a discretionary participation feature (IFRS 4). Participation in the

results of capitalization insurance is attributed at the end of each year and is calculated in accordance with the technical bases

of each product, duly approved by the Portuguese Insurance Institute (Note 2.12).

Conduril 369 553

SIBS 1 086 1 086

Viacer 1 946 1 568

Outros 198 158

3 599 3 365


Jun. 30, 15

Commission received relating to amortised cost

Loans to customers 13 054 13 400

Others 496 523

Commission paid relating to amortised cost

Loans to customers ( 3 047) ( 2 861)

Others ( 617) ( 604)

9 886 10 458


Jun. 30, 15

Premiums 292 866 638 225

Income from financial instruments 32 026 41 561

Impairment (Note 4.22) 6 677 ( 2 189)

Cost of claims, net of reinsurance ( 516 463) ( 151 567)

Changes in technical provisions, net of reinsurance 223 541 ( 486 733)

Participation in results ( 19 246) ( 24 417)

19 401 14 880


Jun. 30, 15


4.40. Net commission income This caption is made up as follows:

At June 30, 2015 and in 2014 commissions received for insurance brokerage services or reinsurance are made up as follows:

Remuneration for insurance brokerage services was received in full in cash, more than 98% thereof relating to insurance

brokerage services for Allianz.

Commissions received

On guarantees provided 11 601 10 974

On commitments to third parties 1 326 1 388

On insurance brokerage services 20 721 19 481

On banking services rendered 102 585 106 656

On operations realised on behalf of third parties 10 599 9 257

Other 5 857 1 515

152 689 149 271

Commissions paid

On guarantees received 72 26

On financial instrument operations 44 18

On banking services rendered by third parties 17 984 17 319

On operations realised by third parties 2 468 1 824

Other 247 180

20 815 19 367

Other income, net

Refund of expenses 17 581 11 968

Income from banking services 10 295 10 229

Charges similar to fees ( 4 349) ( 5 186)

23 527 17 011


Jun. 30, 15

Life insurance

Housing 10 110 10 007

Consumer 723 743

Others 3 023 3 129

13 856 13 879

Non-life insurance

Housing 2 624 2 442

Consumer 531 269

Others 3 710 2 891

6 865 5 602

20 721 19 481

Dec. 31, 14Jun. 30, 15


4.41. Net income on financial operations This caption is made up as follows:

The caption “Gain and loss on trading derivative instruments” at June 30, 2015 and 2014 includes (1 371) t. euro and (22 515)

t. euro, respectively, relating to equity swaps contracted with Customers, which are hedged with shares classified in the caption

“Equity Instruments”. At June 30, 2015, this caption also includes (12 123) t. euro relating to adjustments for counterparty

credit risk and own credit risk associated with derivative financial instruments contracted with counterparties with which the

Bank does not maintain collateralization agreements .

The caption “Other gain and loss on financial operations” at June 30, 2015 and 2014, includes 3 390 t. euro and

14 025 t. euro, respectively, relating to gains on the repurchase of financial liabilities on securitization operations. This caption

at June 30, 2014 also includes (3 467) t. euro relating to the revaluation of the new Banco BPI shares issued as part of the

exchange operation of subordinated debt for new shares of Banco BPI (Note 4.32).

The caption “Gain and loss on financial assets available for sale – debt instruments” at June 30, 2014 includes losses

amounting to 99 361 t. euro and 28 550 t. euro relating to the sale of Treasury Bonds issued by the Portuguese State and the

sale of Italian public debt bonds, respectively.

Gain and loss on operations at fair valueForeign exchange gain, net 60 198 56 130

Gain and loss on financial assets held for trading

Debt instruments 20 778 6 357

Equity instruments 36 799 37 453

Other securities 930 3

Gain and loss on trading derivative instruments ( 26 743) ( 32 838)

361

Gain and loss on financial liabilities held for trading 167 ( 104)Gain and loss on the revaluation of assets and liabilities hedged by derivatives ( 20 097) 51 580

Gain and loss on hedging derivative instruments 20 878 ( 56 635)

Other gain and loss on f inancial operations 3 897 10 687

96 807 72 994

Gain and loss on assets available for sale

Gain and loss on the sale of loans and advances to customers ( 954) ( 4)

Gain and loss on financial assets available for sale

Debt instruments ( 68) ( 131 088)

Equity instruments 61

Others 9

( 952) ( 131 092)

Interest and financial gain and loss w ith pensions

Interest cost ( 15 693) ( 21 688)

Expected fund income 15 221 22 522

( 472) 834


Gain and loss on other f inancial assets valued at fair value through profit or loss

Jun. 30, 15


4.42. Net operating expenses This caption is made up as follows:

The amounts recorded in the captions “Revenue from investment properties” and “Expenses with investment properties” in the

first half of 2015 are made up as follows:

“Gains and Losses on investment properties” in the first half of 2014 include 1 226 t euro relating to gain on property sold and

(1 417) t. euro relating property revaluation (Note 4.10).

IFRIC 21 identifies the obligating event for the recognition of a liability as the activity that triggers the payment of the levy in

accordance with the relevant legislation. As a result of the entry into force of IFRIC 21, and based on the interpretation of the

legislation in force, Banco BPI changed its accounting policy for the recognition of the periodic contributions to the Deposit

Guarantee Fund and Resolution Fund, as follows:

Periodic contribution to the Deposit Guarantee Fund – Banco BPI believes that the event which gives rise to the

obligation to pay the periodic contribution to the Deposit Guarantee Fund is the receipt of the payment notification for

that year. Therefore the liability for the annual contribution to the Deposit Guarantee Fund as well as its cost, are now

fully recognized upon receipt of the payment notification for the year, usually during the month of April.

Periodic contribution to the Resolution Fund - Banco BPI believes that the event which gives rise to the obligation to

pay the periodic contribution to the Resolution Fund is the fact of being in operation on the last day of April of the

year to which the periodic contribution refers, date required for its payment, in accordance with Article 9 of Decree-

Law 24/2013 of February 19. Therefore, the liability relating to the periodic contribution to the Resolution Fund, as

well as its cost, are now being fully recognized in April of the year to which the contribution refers.

The caption Loss on other tangible and intangible assets at June 30, 2014 includes 1 084 t. euro relating to the closure of

branches.

Operating income

Revenue from investment properties 4 088 4 588Gains on investment properties 5 4 955Minority interest in the investment fund Imofomento ( 542) ( 602)

Gain on tangible assets held for sale 1 184 384

Gain on other tangible assets 5 398 4 813

Other operating income 4 011 2 093

14 144 16 231

Operating expenses

Losses on investment properties 1 546 6 061

Expenses w ith investment properties 534 519

Subscriptions and donations 2 156 1 972

Contributions to the Deposit Guarantee Fund 674 3 273

Contributions to the Resolution Fund 2 775 2 661

Contribution to the Investor Indemnity System 7 8

Loss on tangible assets held for sale 841 956

Loss on other tangible and intangible assets 5 606 5 819

Other operating expenses 3 158 2 603

17 297 23 872

Other taxes

Indirect taxes 10 018 7 153

Direct taxes 1 002 658

11 020 7 811


Jun. 30, 15

Leasehold real estate 4 088 455Non-leased real estate 26

4 088 481

Income Expenses


4.43. Personnel costs This caption is made up as follows:

The caption “Remuneration” at June 30, 2015 and 2014 includes the following costs relating to remuneration granted to the

members of Banco BPI’s Board of Directors:

1 882 t. euro and 1 445 t. euro, respectively, relating to remuneration paid in cash; and

750 t. euro and 42 t. euro, respectively, relating to prior years’ accrued cost of the share-based remuneration program

(RVA) in accordance with IFRS 2.

The caption “Pension Fund” at June 30, 2015 and 2014 includes 1 847 t. euro and 2 025 t. euro, respectively, relating to costs

of the Defined Contribution Pension Plan for employees of Banco de Fomento Angola.

4.44 Administrative Costs This caption is made up as follows:

Remuneration 149 359 138 788

Long service premium 1 701 2 256

Pension costs (Note 4.28) 1 528 2 920

Other mandatory social charges 31 300 31 727

Other personnel costs 5 189 5 595

189 077 181 286


Jun. 30, 15

Administrative costs

Supplies

Water, energy and fuel 6 657 6 575

Consumable material 2 350 2 586

Other 848 498

Services

Rent and leasing 25 168 24 612

Communications and computer costs 19 176 19 677

Travel, lodging and representation 4 174 4 054

Publicity 10 504 9 243

Maintenance and repairs 10 366 10 886

Insurance 2 438 2 412

Fees 2 575 2 238

Legal expenses 2 990 2 495

Security and cleaning 6 482 5 893

Information services 4 253 2 880

Temporary labour 1 778 1 937

Studies, consultancy and auditing 3 992 3 685

SIBS 11 070 10 062

Other services 12 241 11 267

127 062 121 000


Jun. 30, 15


4.45 Income tax

At June 30, 2015 and 2014 Proforma, income tax recognized in the statements of income, as well as the tax burden, measured

by the relationship between the tax charge and profit before tax, were as follows:

1 Considering net income of the BPI Group plus income tax and income attributable to minority interests less the earnings of associated companies (equity method).

IFRIC 21 identifies the obligating event for the recognition of a liability as the activity that triggers the payment of the levy in

accordance with the relevant legislation. As a result of the entry into force of IFRIC 21, and based on interpretation of the

current legislation, Banco BPI changed its accounting policy for the recognition of the extraordinary contribution over the

banking sector as it believes that the event that creates the obligation to pay the extraordinary contribution over the banking

sector is the activity carried out in the year preceding its payment, which occurs in June of the following year. Thus, the

corresponding liability related with the extraordinary contribution over the banking sector as well as its cost, have been

recognized on a straight-line basis over the year preceding its payment.

In the first half of 2015 and 2014 Proforma, Banco BPI recorded directly in retained earnings, income tax of 30 138 t. euro and

6 091 t. euro, respectively, resulting from (i) actuarial deviations in pensions recognized in the period, (ii) net gain/loss on

treasury shares recognized in equity and (iii) the operation relating to the exchange of preference shares for new shares of

Banco BPI (Note 4.32).

Current income tax

For the period 25 703 18 755

Correction of prior years 1 156 ( 300)

26 859 18 455

Deferred tax

Recognition and reversal of temporary differences ( 23 973) ( 6 419)

On tax losses carried forward 16 055 ( 38 859)

( 7 918) ( 45 278)

Contribution over the banking sector 6 600 8 244

Total tax charged to the statement of income 25 541 ( 18 580)

Net income before income tax 1 158 437 ( 89 617)

Tax burden 16.1% 20.7%



Reconciliation between the nominal rate of income tax and the tax burden at June 30, 2015 and 2014 Proforma, as well as

between the tax cost/income and the product of the accounting profit times the nominal tax rate are as follows:

1 The calculation of deferred taxes on tax losses is based on the tax rate of 21% (23% in December 31, 2013) and not on the nominal tax rate (which includes State and

Municipal surcharge).

Current taxes are calculated based on the nominal tax rates legally in force in the countries in which the Bank operates:

1 Regime applicable under the provisions of article 22 of the EBF.

Deferred tax assets and liabilities correspond to the amount of tax recoverable and payable in future periods resulting from

temporary differences between the amount of assets and liabilities on the balance sheet and their tax base. Deferred tax assets

are also recognized on tax losses carried forward and tax credits.

Profits distributed to Banco BPI by subsidiary and associated companies in Portugal are not taxed in Banco BPI as a result of

applying the regime established in article 46 of the Corporation Income Tax Code, which eliminates double taxation of profits

distributed.

Deferred tax assets and liabilities are calculated using the tax rates decreed for the periods in which they are expected to

reverse.

Tax rate Amount Tax rate Amount

Net income before income tax 158 437 ( 89 617)

Income tax computed based on the nominal tax rate 30.3% 48 081 8.0% ( 7 191)

Effect of tax rates applicable to foreign branches -0.3% ( 476) 0.0% 19

Capital gain and impairment of investments (net) 0.9% 1 406 0.0% ( 29)

Capital gain of tangible assets (net) -0.4% ( 662) 0.2% ( 219)

Income on Angolan public debt -21.6% ( 34 185) 33.1% ( 29 647)

Non taxable dividends -1.1% ( 1 786) 1.7% ( 1 488)

Tax on dividends of subsidiary and associated companies 2.0% 3 129 -3.1% 2 792

Conversion of shareholders' equity of associated companies 0.1% ( 116)

Tax benefits -0.3% ( 473) 0.5% ( 432)

Impairment and provision for loans 0.5% 795 0.2% ( 154)

Non tax deductible pension costs 0.2% 358 -0.4% 355

Interest recognised on minority interests 0.0% ( 5) 0.2% ( 163)

Correction of prior year taxes 0.7% 1 156 0.1% ( 120)

Non tax deductible uncollectible loans 0.8% 1 319

Extraordinary investment tax credit -0.1% ( 113) 0.3% ( 252)

Difference between the current income tax rate and the deferred tax rate 1 0.0% 66 -1.1% 941

Correction of prior years taxes -0.5% ( 738)

Tax losses not expected to be used -8.4% 7 500

Tax losses -0.1% ( 157)Contribution over the banking sector 4.2% 6 600 -9.2% 8 244

Autonomous taxation 0.7% 1 103 -1.1% 1 022

Other non taxable income and expenses 0.1% 123 -0.4% 358

16.1% 25 541 20.7% ( 18 580)


Net income before

income tax

Current tax rate

Net income before

income tax

Current tax rate

Companies with income tax rate of 23% and Surcharge between [1.5% ; 8.5%[ and consolidation adjustments 2 947 81.0% ( 201 010) 22.0%

Companies with income tax rate of 30% (Angola) 152 314 30.0% 105 825 35.0%

Investment funds1 3 176 5 568

158 437 30.3% ( 89 617) 8.0%



Deferred tax assets and liabilities at June 30, 2015 and 2014 Proforma are as follows:

Deferred tax assets are recognized up to the amount expected to be realized through future taxable profits.

Deferred tax

Assets (Note 4.14) 392 977 411 833

Liabilities (Note 4.24) ( 21 580) ( 30 028) 371 397 381 805

Recorded by corresponding entry to:

Retained earnings 278 557 287 314

Other reserves - Actuarial deviations 72 575 77 063

Fair value reserve (Note 4.31) 12 347 16 402

Financial instruments available for sale 12 347 16 402

Net income 7 918 1 026 371 397 381 805


Jun. 30, 15


The changes in deferred taxes in the first half of 2015 were as follows:

Corresponding entry to net income

Deferred tax assets

Pension liability ( 1 869) ( 4) 25 ( 1 848)

Early retirements 29 287 ( 3 072) 26 215

Banco BPI Cayman net income 213 213

Taxed provisions and impairment 147 423 ( 1 236) 9 301 155 488

Long service premium 8 235 ( 1) 354 8 588

Tax losses 102 833 ( 16 238) 183 ( 62) 86 716

Investment tax credit 952 113 1 065

Financial instruments available for sale 18 629 ( 9) 17 228 ( 4 564) 14 301

Actuarial deviations 61 420 ( 4 387) 57 033

Actuarial deviations after 2011 15 643 15 275 32 ( 15 408) 15 542

Tax deferral of the impact of the transfer of pensions 22 748 ( 758) 21 990

Others 6 319 ( 79) 353 1 092 ( 11) 7 674

411 833 ( 10 509) 10 378 1 320 ( 20 045) 392 977

Deferred tax liabilities

Revaluation of tangible fixed assets ( 642) 60 ( 582)

Revaluation of assets and liabilities hedged by derivatives ( 991) ( 644) ( 1 635)

Dividends to be distributed by subsidiary and associated companies ( 10 446) ( 3 128) 6 446 32 180 ( 6 916)

RVA's 94 ( 94)

Financial instruments available for sale ( 6 506) ( 26) 3 082 ( 8) ( 3 458)

Repurchase of liabilities and preference shares ( 9 906) 5 216 ( 2 894) ( 7 584)

Reversal of gains in the consolidated accounts ( 1 534) ( 100) 131 100 ( 1 403)

Others ( 3) 1 ( 2)

( 30 028) ( 3 898) 11 947 3 214 ( 2 815) ( 21 580)

381 805 ( 14 407) 22 325 4 534 ( 22 860) 371 397


Corresponding entry to reserves and retained earnings


Costs Income Increases Decreases


The changes in deferred taxes in the first half of 2014 Proforma are as follows:

Corresponding entry to net income

Deferred tax assets

Pension liability 1 647 ( 1 823) ( 176)

Early retirements 30 455 ( 2 981) 27 474

Banco BPI Cayman net income 229 229

Taxed provisions and impairment 147 706 ( 852) 3 687 150 541

Long service premium 7 401 568 7 969

Tax losses 86 887 ( 2 567) 41 426 125 746

Investment tax credit 700 252 952

Financial instruments available for sale 137 139 ( 248) 856 5 110 ( 109 611) 33 246

Actuarial deviations 75 318 ( 4 707) 70 611

Actuarial deviations after 2011 6 711 ( 6 711)

Public Exchange Offer 797 449 ( 1 247)

Tax deferral of the impact of the transfer of pensions 26 044 ( 813) 25 231

Others 3 930 ( 53) 531 26 4 434

517 455 ( 14 044) 54 828 5 585 ( 117 569) 446 256

Deferred tax liabilities

Revaluation of tangible fixed assets ( 696) 34 ( 662)

Revaluation of assets and liabilities hedged by derivatives ( 170) ( 149) ( 319)

Subsidiary's equity conversion ( 211) 116 ( 95)

Dividends to be distributed by subsidiary and associated companies ( 7 736) ( 2 773) 4 624 14 ( 5 871)

RVA's ( 1 195) 1 195

Financial instruments available for sale ( 6 372) 190 ( 2 574) ( 8 756)

Repurchase of liabilities and preference shares ( 20 066) 2 983 3 514 ( 2 848) ( 16 417)

Reversal of gains in the consolidated accounts ( 2 723) 392 ( 2 331)

Others ( 2) ( 110) 572 109 ( 574) ( 5)

( 37 977) ( 4 111) 8 605 5 022 ( 5 996) ( 34 457)

479 478 ( 18 155) 63 433 10 607 ( 123 565) 411 799


Corresponding entry to reserves and retained earnings


Costs Income Increases Decreases


The BPI Group does not recognize deferred tax assets and liabilities on temporary taxable differences relating to investments in

subsidiary and associated companies as it is improbable that such differences will revert in the foreseeable future, except as follows:

deferred tax liabilities relating to estimated dividends that Banco de Fomento Angola is expected to pay to the BPI Group

companies in the following year out of profit for the year, are recognized;

deferred tax liabilities relating to all the distributable net income (including the undistributed part) of Banco Comercial e de

Investimentos are recognized.

4.46. Earnings of associated companies (equity method) This caption is made up as follows:

Contribution of the associated companies of Banco BPI to the consolidated comprehensive income is as follows:

Banco Comercial e de Investimentos, S.A.R.L. 4 008 3 676


Cosec – Companhia de Seguros de Crédito, S.A. 2 067 1 813

Finangeste – Empresa Financeira de Gestão e Desenvolvimento, S.A. ( 277)

InterRisco - Sociedade de Capital de Risco, S.A. ( 161) 46

Unicre - Instituição Financeira de Crédito, S.A. 1 909 1 227 12 737 11 385


Contribution to consolidated net income 12 737 11 385

Income not included in the consolidated statement of income ( 5 709) 11 633Contribution to consolidated comprehensive income 7 028 23 018



4.47. Consolidated net income of the BPI Group Contribution of Banco BPI and subsidiary and associated companies to consolidated net income in the first half of 2015 and 2014 is

as follows:

1Adjusted net income. 2At December 31, 2014 the participation in Finangeste was reclassified to the caption Non-current assets held for sale and was sold in the first half of

2015 (note 4.9).

4.48. Personnel The average and period-end number of employees1 in the first half of 2015 and 2014 were as follows:

1 Personnel of the Group’s entities consolidated by the full consolidation method. This includes personnel of the

foreign branches of Banco BPI. 2 This includes the executive directors of Banco BPI and BPI Investimentos.

Banks

Banco BPI, S.A.1 ( 15 981) ( 191 771)

Banco Português de Investimento, S.A.1 ( 447) 2 048 Banco de Fomento Angola, S.A.1 66 922 46 756

Banco Comercial e de Investimentos, S.A.R.L.1 3 667 3 364

Banco BPI Cayman, Ltd 3 164 1 248

Asset management and brokerage

BPI Gestão de Activos - Sociedade Gestora de Fundos de Investimento Mobiliários, S.A. 3 048 3 788

BPI - Global Investment Fund Management Company, S.A. 968 672

BPI (Suisse), S.A.1 1 808 2 058

BPI Alternative Fund: Iberian Equities Long/Short Fund Luxemburgo 1 1 838 2 718

BPI Obrigações Mundiais - Fundo de Investimento Aberto de Obrigações 1 48 226

Imofomento - Fundo de Investimento Imobiliário Aberto 1 590 401

BPI Strategies, Ltd1 674 360

Venture capital / development

BPI Private Equity - Sociedade de Capital de Risco, S.A.1 435 531

Inter-Risco - Sociedade de Capital de Risco, S.A. ( 161) 46

Insurance

BPI Vida e Pensões - Companhia de Seguros, S.A.1 9 948 11 340

Cosec - Companhia de Seguros de Crédito, S.A. 2 067 1 813


Others

BPI, Inc ( 3) ( 187)

BPI Locação de Equipamentos, Lda ( 5) ( 3)

BPI Madeira, SGPS, Unipessoal, S.A.1 ( 296) ( 8)

BPI Moçambique - Sociedade de Investimento, S.A. 1 ( 322) 155

BPI Capital Finance

BPI Capital Africa 1 ( 698) ( 736)

Finangeste - Empresa Financeira de Gestão e Desenvolvimento, S.A.1 2 ( 277)

Unicre - Instituição Financeira de Crédito, S.A.1 ( 6 000) 1 227

76 178 ( 109 331)


Average End of Average End of

for the period period for the period period

Executive directors2 9 9 10 9

Management staff 630 636 611 615

Other staff 5 327 5 337 5 435 5 431

Other employees 2 669 2 667 2 783 2 702

8 635 8 649 8 839 8 757

Jun. 30, 15Jun. 30, 14Proforma


4.49. Financial risks

Fair value Fair value of financial instruments and investment properties is determined whenever possible based on the price in an active market.

A market is considered to be active and liquid, when it is accessed by equally knowledgeable counterparties and is traded on a

regular basis. In the case of financial instruments and investment properties with no prices in active markets, due to lack of liquidity

and absence of regular transactions, valuation methods and techniques to estimate fair value are used.

Financial instruments and investment properties recorded in the balance sheet at fair value were classified by levels in accordance

with the hierarchy of IFRS 13.

Financial instruments recorded in the balance sheet at fair value

Debt instruments and equity instruments

• Level 1 – Price in an active market

This category includes, in addition to financial instruments listed on Stock Exchanges, financial instruments valued based on

prices in active markets published in electronic trading platforms, taking into account the liquidity (number of contributors) and

depth of the asset (contributor type) . Classification as an active market is carried out automatically by the asset valuation system,

provided that the financial instruments are quoted by more than ten market contributors, with at least five firm offers and there is a

multi-contributed quotation (price formed by several firm offers from contributors available in the market). The proposed automatic

classification is assessed by an expert team.

• Level 2 – Valuation techniques based on market inputs

This level considers securities that, having no active market, are valued by reference to valuation techniques based on market

prices for instruments having the same or similar characteristics, including observable market prices for financial assets which

have had significant decreases in trading volumes. The asset valuation system classifies automatically as level 2, financial

instruments quoted by more than 4 and up to 9 contributors, with at least two firm bids and there is a multi - contributed quotation.

This level also includes financial instruments valued based on internal models using inputs which are mainly observable in the

market (such as interest rate curves or exchange rates) and financial instruments valued based on third party purchase prices

(indicative bids), based on observable market data. The proposed automatic classification is assessed by an expert team.

• Level 3 – Valuation techniques using mainly inputs not based on observable market data

Financial assets are classified as Level 3 if a significant proportion of their book value is the result of inputs not based on

observable market data, namely:

• unlisted securities that are valued based on in-house developed models for which there is no generally accepted market

consensus as to the inputs to be used, namely:

- assets valued based on Net Asset Value updated and disclosed by their managing companies;

- assets valued based on prices disclosed by the entities involved with the structuring of the transactions; or

- assets for which impairment tests are made based on indicators of the performance of the underlying operations (degree

of protection by subordination of the parts owned, rates of delinquency of the underlying assets, evolution of the ratings).

• securities valued at indicative purchase prices based on theoretical models, disclosed by third parties and considered

reliable.

For unquoted shares, fair value is estimated based on an analysis of the issuer’s financial position and results, risk profile and

market valuations or transactions for companies with similar characteristics.

If a market value is not available and it is not possible to determine fair value reliably, equity instruments are recognized at

historical cost and are subject to impairment tests.


Financial derivative instruments

Financial derivative transactions in the form of foreign exchange contracts, interest rate contracts, contracts on shares or share

indices, inflation contracts or a combination of these, are carried out in over-the-counter (OTC) markets and in organized markets

(especially stock exchanges). For the over-the-counter derivatives (swaps and options) the valuation is based on generally accepted

methods, always giving priority to values from the market.

• Level 1 – Price in an active market

This category includes futures and options traded on stock exchanges.

• Level 2 – Valuation techniques based on market inputs

Level 2 includes derivatives, traded on over-the-counter markets, without an optional component (swaps and similar) and that

have been contracted with counterparties with which the Bank has collateralization agreements and therefore are not subject to

adjustments for credit risk, to the extent that it is mitigated.

Valuation of these derivatives is made by discounting the cash flows of the operations, using interest rate market curves deemed

appropriate for the currency concerned, prevailing at the time of calculation. The interest rates are obtained from reliable sources

of information (e.g. Bloomberg or Reuters). The same interest rate curves are used in the projection of non-deterministic cash

flows such as interest calculated from indices. The rates for required specific periods are determined by appropriate interpolation

methods.

• Level 3 – Valuation techniques using mainly inputs not based on observable market data

Level 3 includes options and derivatives traded in the over-the-counter market, with embedded optional elements or derivatives

that have been contracted with counterparties with which the Bank does not have collateralization agreements.

Derivative financial instruments traded in the over-the-counter market, that have been contracted with counterparties with which

the Bank does not have collateralization agreements were classified as Level 3 since their credit risk adjustments are estimated

mainly by using inputs not based on observable market data. With the exception of the adjustments for credit risk, the estimated

fair value of these instruments is calculated in the same way as described for the Level 2 financial instruments derivatives.

The valuation of derivatives with optional elements is carried out using statistical models that consider the market value of the

underlying assets and their volatilities (considering that the latter are not directly observable in the market).The theoretical models

used to value derivatives classified in Level 3 are of two types:

(i) For simpler operations (plain vanilla) option and optional elements are valued based on the Black-Scholes models or their

derivatives (commonly used models by the market in the valuation of this type of operation). The inputs for these models, price

and volatility, are collected from Bloomberg. At June 30, 2015 the values of the unobservable market inputs (implied volatility of

the underlying assets) are included in the following ranges by type of underlying asset:

Valuation of the non-optional components is made based on discounted cash flows, using methodology similar to that used for

derivatives without an optional component.

Implicit volatility

Underlying Min Max

Euribor 1 month 72.84% 141.64%

Euribor 3 months 35.52% 344.32%



Exchange EUR/USD 10.10% 19.00%


(ii) For the more exotic options or complex derivatives incorporating optional elements (for which there are no Black Scholes

models available) the Bank contracted a specialized entity that performs the valuation based on specific models, constructed

using criteria and methodologies generally accepted for this type of operations. At June 30, 2015 the values of the inputs not

observable in the market (implicit volatility of the underlying assets) are included in the following categories, by type of underlying

asset:

In accordance with the policy defined by the BPI Group as regards the management of exposure of options, significant open

positions are not maintained, the risk being managed mainly through "back-to-back" hedges. Thus, the impact of possible

changes in the inputs used in the valuation of the options, in terms of the income statement of the BPI Group, tends to be

negligible.

Valuations thus obtained are, in the case of interbank transactions, valued against those used by the counterparties and whenever

there are significant differences the models or assumptions are reviewed.

The Bank has been incorporating counterparty credit risk in determining the fair value of derivative financial instruments contracted on

the over-the-counter market. Therefore, the present value of the derivatives contract is adjusted to avoid the immediate recognition in

results of the full amount of the initial margin of the operations on the recording date, thus ensuring that the Bank’s financial margin

gain is recognized on a straight-line basis over the period of the operations. Additionally, counterparty credit risk of the derivative

instruments is analyzed based on the Bank’s impairment model, the balance sheet amount being adjusted by corresponding entry to

results of financial operations.

The Bank includes counterparty credit risk and own credit risk in the calculation of the book value of derivative financial instruments

contracted in the over-the-counter market. This methodology includes the following main items:

derivative financial instruments contracted with counterparties with which the Bank has collateralization agreements are not

subject to adjustment for credit risk, to the extent that it is mitigated;

counterparty credit risk and own credit risk adjustments relating to derivative financial instruments not collateralized are

estimated using mainly historical information regarding non-performance, except for operations in which the Bank considers

that the credit risk of the counterparty is comparable to the risk of the Portuguese Republic. In these cases, the adjustments

for credit risk are estimated based on risk parameters implicit in the spread of Portuguese public debt against the German

public debt.

At June 30, 2015 and December 31, 2014 the credit risk adjustments, considered by the Bank in determining of the book value of the

derivative financial instruments contracted in the OTC market, were estimated based on this new methodology, except for the cases

in which individual impairment losses were recorded. In these cases the adjustments considered by the Bank correspond to the

amount of the corresponding impairment.

Considering the complexity and subjectivity relating to determination of the assumptions used in the calculation of the adjustments to

the credit risk of derivative financial instruments, it will continue to be monitored by the Bank in order to introduce the improvements

that are identified based on practical experience in applying these methodologies.

Implicit volatility

Underlying type Min Max

Shares/indexes 4.96% 35.21%

Commodities 16.09% 34.77%


Investment properties

In determining the fair value of investment properties two of the following valuation methods should be used:

comparative market method

The estimated value of a property is made by comparison with real estate transactions of similar properties, both as regards

location and physical condition. This method should only be used if:

- there are a significant number of sales transactions in the market in question,

- the traded property and sales conditions are comparable,

- the information regarding the transactions is recent, and

- there are no external factors affecting the transactions.

Income method

The estimated value of a property is calculated based on the amount from future income that it generates or may generate,

applying a capitalization rate that reflects the expected return on the capital invested.

Cost method

The estimated value of a property corresponds to the cost of construction of a property that has the same functions as the

property being valued.

The most significant variables considered in each of the methodologies are the following:

i. revenue currently practiced in rented properties

ii. revenue potentially applicable to those properties that are not rented,

iii. estimated yields applicable to each property according to its geographical location and state of preservation,

iv. cost of construction and the cost of land of the property, as well as applicable rates, and

v. sale price per square meter for properties in a similar situation.

Real estate is valued every two years and whenever there is a significant change in their value. In 2014 the management company

revalued its entire real estate portfolio.

At June 30, 2015 real estate was valued based on the arithmetic average of the amounts of the valuations made by two expert

independent appraisers certified by the Portuguese Stock Exchange Commission (Comissão de Mercado de Valores Imobiliários).

The main inputs used in the calculation of the market value were (potential reference values):

Financial instruments recorded in the balance sheet at amortized cost

The fair value of financial instruments recorded in the balance sheet at amortized cost is determined by the BPI Group through

valuation techniques.

Fair value may not correspond to the realizable value of these financial instruments in a sale or liquidation scenario, having not been

determined for that purpose.

Region Type of propertyNet potential

yield

Gross construction

area

Gross leasable

areaParking facilities

Lisboa - Avenida da Liberdade Office / services 7.00% 13.6 17.0 150

Lisboa - Rua Soeiro Pereira Gomes Office / services 7.00% 9.8 12.3 125

Lisboa - Avenida António Augusto de Aguiar Office / services 7.00% 12.0 15.0 150

Lisboa - Algés / Miraflores Office / services 7.75% 6.4 8.0 80

Lisboa - Oeiras Office / services 7.50% 10.0 12.5 85

Lisboa - Telheiras Store / retail 7.25% 15.5 15.5

Lisboa - Centro Comercial Vasco da Gama Store / retail 6.00% 15.0 15.0

Lisboa - Alverca Warehouses / logistics 8.00% 4.5 4.5

Porto - Bom Sucesso Office / services 8.00% 9.2 11.5 85

Porto - Estádio do Bessa Store / retail 7.00% 10.5 10.5 75


The valuation techniques used are based on market conditions applicable to similar operations as of the date of the financial

statements, such as the value of their discounted cash flows based on interest rates considered as most appropriate, namely:

• the cash flows relating to Loans and advances to credit institutions and Resources of other credit institutions were

discounted based on interest rate curves for interbank operations on the date of the financial statements, except for

medium and long term resources, the cash-flows of which were discounted based on the interest rate curve used by the

Bank for senior issuances.

• in operations with customers (Loans to costumers and Resources of Customers and other loans) the weighted average of

the spreads over the reference rates used by the Bank in the previous month for similar operations is considered;

• For bonds issued (Debt securities and Subordinated debt), the Bank considered reference interest rates and spreads

available in the market, taking into account the residual maturity and degree of subordination of the issuances. For

subordinated debt, the Bank used a proposal presented to the Bank by another credit institution for the issuance of

perpetual subordinated debt, as the basis for the construction of subordination spread curves, also considering the senior

debt curve, the Portuguese public debt curve and the evolution of the spread between the Portuguese and German public

debts.

The reference rates used to calculate the discount factors at June 30, 2015 are listed in the following tables and refer to the interbank

market rates and the issue proposals made to BPI:

The fair value of “Held to maturity investments” is based on market prices or third party purchase prices, when available. If these do

not exist, fair value is estimated based on the discounted value of the expected cash flows of principal and interest.

The fair value of spot operations (including Cash and deposits at central banks, Deposits at other credit institutions repayable on

demand and Demand deposits included in Resources of customers and other debts) corresponds to their book value.

1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years 30 years

EUR -0.06% -0.01% 0.05% 0.16% 0.12% 0.23% 0.50% 0.81% 1.17% 1.71%

GBP 0.51% 0.58% 0.74% 1.05% 1.11% 1.37% 1.72% 1.95% 2.16% 2.36%

USD 0.19% 0.28% 0.44% 0.77% 0.90% 1.23% 1.76% 2.11% 2.43% 2.90%

JPY 0.07% 0.10% 0.13% 0.24% 0.15% 0.18% 3.43% 3.67% 3.91% 4.14%

1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years

Portguese Public Debt 0.08% 0.08% 0.73% 1.33% 1.68% 2.06% 2.35% 2.65% 2.78% 3.00%

German Public Debt -0.24% -0.23% -0.20% -0.08% 0.08% 0.17% 0.31% 0.48% 0.61% 0.76%

Spread PT/DE 0.32% 0.31% 0.93% 1.41% 1.60% 1.88% 2.04% 2.17% 2.17% 2.24%


The fair value of financial instruments and investment properties at June 30, 2015 is made up as follows:

1 Unlisted securities for which it was not possible to determine fair value on a reliable basis. 2 This caption is presented in the balance sheet as Financial assets held for trading and at fair value through profit or loss. 3 Financial instruments recognized in the balance sheet at amortized cost classified as Level 2, in accordance with the fair value hierarchy established in IFRS 13. 4 Financial instruments recognized in the balance sheet at amortized cost classified as Level 3, in accordance with the fair value hierarchy established in IFRS 13. 5 Demand deposits valued at their nominal amount. Term deposits and other resources not payable on demand classified as Level 3, in accordance with the fair value hierarchy established in IFRS 13.

Type of f inancial instrumentNet book

value

Recorded in the balance sheet at fair

value

Recorded in the balance sheet at amortised cost

Total Difference

AssetsCash and deposits at Central Banks 2 012 836 2 012 836 2 012 836 2 012 836Deposits at other credit institutions 551 644 551 644 551 644 551 644Financial assets held for trading and at fair value through profit or loss 3 243 051 3 243 051 3 243 051 3 243 051Financial assets available for sale 7 346 122 7 346 122 7 346 122 6 162 7 352 284Loans and advances to credit institutions 1 913 493 1 914 333 3 1 914 333 840 1 913 493Loans and advances to customers 24 297 109 22 192 557 4 22 192 557 (2 104 552) 24 297 109Held to maturity investments 22 394 21 427 3 21 427 ( 967) 22 394Trading derivatives 2 270 107 270 107 270 107 270 107Hedging derivatives 109 121 109 121 109 121 109 121Investment properties 154 777 154 777 154 777 154 777

39 920 654 11 123 178 26 692 797 37 815 975 (2 104 679) 6 162 39 926 816Liabilities

Resources of central banks 1 520 137 1 521 516 1 521 516 ( 1 379) 1 520 137Financial Liabilities held for trading 12 552 12 552 12 552 12 552Resources of other credit institutions 1 388 325 1 292 535 3 1 292 535 95 790 1 388 325Resources of customers and other debts 28 255 454 28 243 307 5 28 243 307 12 147 28 255 454Debt securities 1 227 358 1 189 066 3 1 189 066 38 292 1 227 358Financial liabilities relating to transferred assets 956 058 818 381 4 818 381 137 677 956 058Trading derivatives 319 673 319 673 319 673 319 673Hedging derivatives 237 482 237 482 237 482 237 482Technical provisions 3 961 996 3 961 996 3 3 961 996 3 961 996Other subordinated debt and participating bonds 69 516 68 114 3 68 114 1 402 69 516

37 948 551 569 707 37 094 915 37 664 622 283 929 37 948 5511 972 103 151 353 (1 820 750) 6 162 1 978 265

( 22 743)Total (1 843 493)

Total book valueAssets valued

at historical cost 1

Fair value of f inancial instruments

Valuation differences in f inancial assets recognised in revaluation reserves


The fair value of financial instruments and investment properties at December 31, 2014 Proforma is made up as follows:

1 Unlisted securities for which it was not possible to determine fair value on a reliable basis. 2 This caption is presented in the balance sheet as Financial assets held for trading and at fair value through profit or loss. 3 Financial instruments recognized in the balance sheet at amortized cost classified as Level 2, in accordance with the fair value hierarchy established in IFRS 13. 4 Financial instruments recognized in the balance sheet at amortized cost classified as Level 3, in accordance with the fair value hierarchy established in IFRS 13. 5 Demand deposits valued at their nominal amount. Term deposits and other resources not at demand classified as Level 3, in accordance with the fair value hierarchy established in IFRS 13.

Type of f inancial instrumentNet book

value

Recorded in the balance sheet at fair

value

Recorded in the balance sheet at amortised cost

Total Difference

AssetsCash and deposits at Central Banks 1 894 203 1 894 203 1 894 203 1 894 203Deposits at other credit institutions 380 475 380 475 380 475 380 475Financial assets held for trading and at fair value through profit or loss 2 727 702 2 727 702 2 727 702 2 727 702Financial assets available for sale 7 519 691 7 519 691 7 519 691 6 087 7 525 778Loans and advances to credit institutions 2 588 817 2 580 481 3 2 580 481 ( 8 336) 2 588 817Loans and advances to customers 25 268 969 22 971 054 4 22 971 054 (2 297 915) 25 268 969Held to maturity investments 88 382 86 781 3 86 781 ( 1 601) 88 382Trading derivatives 2 290 031 290 031 290 031 290 031Hedging derivatives 148 693 148 693 148 693 148 693Investment properties 154 777 154 777 154 777 154 777

41 061 740 10 840 894 27 912 994 38 753 888 (2 307 852) 6 087 41 067 827Liabilities

Resources of central banks 1 561 185 1 561 038 3 1 561 038 147 1 561 185Financial liabilities held for negotiation 799 799 799 799Resources of other credit institutions 1 372 441 1 331 914 3 1 331 914 40 527 1 372 441Resources of customers and other debts 28 134 617 28 188 704 5 28 188 704 ( 54 087) 28 134 617Debt securities 2 238 074 2 275 281 3 2 275 281 ( 37 207) 2 238 074Financial liabilities relating to transferred assets 1 047 731 876 210 4 876 210 171 521 1 047 731Trading derivatives 325 986 325 986 325 986 325 986Hedging derivatives 327 219 327 219 327 219 327 219Technical provisions 4 151 830 4 151 830 3 4 151 830 4 151 830Other subordinated debt and participating bonds 69 521 65 622 3 65 622 3 899 136 931

39 229 403 654 004 38 450 599 39 104 603 124 800 39 296 8131 832 337 ( 350 715) (2 183 052) 6 087 1 771 014

( 35 174)Total (2 218 226)

Total book valueAssets valued

at historical cost 1

Fair value of f inancial instruments

Valuation differences in f inancial assets recognised in revaluation reserves


The book value of the financial instruments and investment properties recorded in the balance sheet at fair value at June 30, 2015, is

made up as follows by valuation methodologies:

The book value of the financial instruments and investment properties recorded in the balance sheet at fair value at December 31, 2014,

Proforma is made up as follows by valuation methodologies:

Type of f inancial instrument

Active market listings

(Level 1)

Market data (Level 2)

Models (Level 3)Total

fair value

AssetsFinancial assets held for trading and at fair value through profit or loss 2 832 278 26 147 384 626 3 243 051

Financial assets available for sale 3 881 356 50 976 3 413 790 7 346 122

Trading derivatives 580 44 883 224 644 270 107

Hedging derivatives 24 73 149 35 948 109 121

Investment Properties 154 777 154 777

6 714 238 195 155 4 213 785 11 123 178

Liabilities

Financial liabilities held for negotiation 12 552 12 552



12 867 507 423 49 417 569 707

Valuation techniques

Type of f inancial instrument

Active market listings

(Level 1)

Market data (Level 2)

Models (Level 3)Total

fair value

AssetsFinancial assets held for trading and at fair value through profit or loss 2 434 377 37 624 255 701 2 727 702

Financial assets available for sale 4 498 510 47 075 2 974 106 7 519 691



Investment Properties 154 777 154 777

6 933 029 226 148 3 681 717 10 840 894

Liabilities

Financial liabilities held for negotiation 799 799



1 092 591 522 61 390 654 004

Valuation techniques


In the first half of 2015 and in 2014 the following securities were transferred from level 2 to level 1 due to the increase in their liquidity in

the market, as a result of the increase in contributors quoting the securities with firm offers and, in the case of securities of domestic

issuers, resulting from improvement in the conditions of the Portuguese Debt:

In 2014 the following securities were transferred from level 1 to level 2 due to the decrease in their market liquidity, as a result of the

decrease in contributors quoting the securities with firm offers.

At June 30, 2015 and December 31, 2014 financial assets held for trading and at fair value through profit or loss included in Level 3

correspond essentially to Angolan public debt. They also include bonds valued through indicative bid prices based on theoretical models

or through models developed internally.

At June 30, 2015 and December 31, 2014 financial assets available for sale included in Level 3 correspond essentially to Angolan public

debt securities. They also include bonds collateralized by assets (ABS’s) and private equity investments.

At June 30, 2015 and December 31, 2014 trading and hedging derivatives included in Level 3 refer mainly to:

• options or swaps negotiated with Customers with an optional component and related hedging with the market;

• embedded options in structured bonds issued by Banco BPI, with remuneration indexed to baskets of shares / share indexes,

commodities and exchange rates, and operations negotiated with the market to hedge the optional risk of these bonds;

• derivatives contracted in the over-the-counter market with counterparties with which the Bank does not have collaterization

agreements.

Book value

Jun. 30, 15 Dec. 31, 14

BANCO SA BADELL-5.234%-PERPETUA 34

CONTINENTE-7%-25.07.2015 223

MOTA-ENGIL-6.85%-2013/2016 286

MOTA ENGIL SGPS SA-5.5%-22.04.2019 10

SEMAPA - 2006/2016 1 350

SEMAPA - TV (20.04.2016) 9 548

SEMAPA 2014/2020 101

SONAE INVESTMENTS BV-1.625%-11.06.2019 1 099

12 108 544

Book value

Dec. 31, 14

SEMAPA-6.85%-30.03.2015 935

ZON MULTIMEDIA 2012-2015 209

BLUEWATER HOLDINGS BV-10%-10.12.2019 219

SEADRILL LTD-TX. VR.-12.03.2018 120

1 484


The book value of financial instruments at the beginning of the reporting period was used for the presentation of transfers between

levels.

For financial instruments and investment properties recorded at fair value on the balance sheet, the changes between December 31,

2014 and June 30, 2015 in assets and liabilities classified in Level 3, are as follows:

Note: The effective gain / (loss) on derivatives corresponds to amounts paid / received in the course of early settlement of the

operations.

The purchase of assets held for trading and at fair value through profit or loss and assets available for sale corresponds mainly to public

debt securities of Angola and of Banco Nacional de Angola through Banco de Fomento Angola.

Transfers to other levels of financial assets held for trading and at fair value through profit or loss correspond to transfers to level 2, due

to the fact that their valuation is now based on observable market data.

Transfers to other levels of assets available for sale correspond to transfers to assets stated at historical cost.

Potential gains on trading derivatives relate primarily to the revaluation of transactions with customers, which are offset by other

derivatives included in level 2.

Held for trading and at fair value

through profit or loss

Available for sale

Trading derivatives

(net)

Hedging derivatives

(net)


Total

Financial assets and liabilities

Net book value at December 31, 2014 Proforma 255 701 2 974 106 213 755 21 988 154 777 3 620 327

( 24) ( 650) ( 16 867) 15 537 ( 2 004)

In net income on f inancial operations 1 965 ( 17) ( 55 358) ( 5 493) ( 58 903)Potential gain / (loss) 271 ( 26) ( 30 033) ( 5 493) ( 35 281)Effective gain / (loss) 1 694 9 ( 25 325) ( 23 622)

Operational gains and lossesIn impairment loss ( 3 398) ( 3 398)

( 1 398) ( 1 398)Purchases 142 749 448 118 590 867Sales / redemptions ( 15 429) ( 3 632) 25 324 6 263Transfers out ( 364) ( 364)Transfers in 11 11

28 650 12 305 ( 16) 12 967

Net book value at June 30, 2015 384 626 3 413 790 179 159 32 016 154 777 4 009 591

Gain / (loss) recognized in net income

Gain / (loss) recognized in revaluation reserves

Accrued interest (amount at June 30, 2015)

Accrued interest (amount at December 31, 2014)


For financial instruments and investment properties recorded at fair value on the balance sheet, the changes between December 31,

2013 and December 31, 2014 in assets and liabilities classified in Level 3, are as follows:

Note: The effective gain / (loss) on derivatives corresponds to amounts paid / received in the course of early settlement of the

operations.

The purchase of assets held for trading and at fair value through profit or loss and assets available for sale corresponds mainly to public

debt securities of Angola and of Banco Nacional de Angola through Banco de Fomento Angola.

Transfers to other levels of financial assets held for trading and at fair value through profit or loss correspond to transfers to level 2, due

to the fact that their valuation is now based on observable market data. Transfers to other levels of assets available for sale correspond

to transfers to assets stated at historical cost.

Transfers from other levels of assets available for sale include (i) 3 515 t. euro relating to securities transferred from level 1, due to the

fact that possible valuation prices do not reflect prices in an active market with transactions occurring on a regular basis, (ii) 849 t. euro

transferred from level 2, due to the fact that there are no longer consistent market data for their valuation, and (iii) 1 757 t. euro relating

to securities transferred from assets stated at historical cost.

Potential gains on trading derivatives relate primarily to the revaluation of transactions with customers, which are offset by other

derivatives included in level 2.

Derecognition of financial instruments

In the first half of 2015 and in 2014 no financial instruments for which it was not possible to reliably determine their fair value were

derecognized and so there was no impact on net income for the period arising from this.

Held for trading and at fair value

through profit or loss

Available for sale

Trading derivatives

(net)

Hedging derivatives

(net)


Total

Financial assets and liabilities

Net book value at December 31, 2013 Proforma 180 526 2 600 768 138 165 21 852 164 949 3 106 260( 46) ( 480) ( 12 047) 5 787 ( 6 786)

In net income on f inancial operations 5 758 42 70 226 12 062 88 088Potential gain / (loss) 417 70 770 9 886 81 073Effective gain / (loss) 5 341 42 ( 544) 2 176 7 015

Operational gains and losses ( 2 779) ( 2 779)In impairment loss ( 24 606) ( 24 606)

6 602 6 602Purchases 126 761 396 056 508 523 325Sales / redemptions ( 57 621) ( 10 539) 544 ( 2 176) ( 7 901) ( 77 693)Transfers out ( 206) ( 3) ( 209)Transfers in 505 5 616 6 121

24 650 16 867 ( 15 537) 2 004

Net book value at December 31, 2014 Proforma 255 701 2 974 106 213 755 21 988 154 777 3 620 327


Gain / (loss) recognized in net income

Gain / (loss) recognized in revaluation reserves



Reclassification of financial assets

The BPI Group reclassified bonds from Financial assets held for trading to Loans and advances to customers (Note 4.7) and Held to

maturity investments (Note 4.8) and from Financial assets available for sale (Note 4.5) to Loans and advances to customers (Note 4.7),

as follows:

In 2009 and 2008, in the context of the lack of liquidity in the bond market, the valuation prices that can be obtained for these securities

did not reflect the prices on an active market traded on a regular basis. Therefore, the BPI Group decided to reclassify these bonds from

financial assets held for trading to loans and advances to customers and held to maturity investments. To determine the fair value of the

financial assets available for sale, alternative valuation methods were used as described previously in this note.

In 2012 a security recorded in the financial assets at fair value through profit or loss portfolio was reclassified to the loans to customers’

portfolio as, due to the lack of liquidity of the bond market, its valuation did not reflect the price on an active market with regular

transactions.

In 2013 a security recorded in the financial assets available for sale portfolio was reclassified to the loans to customers portfolio as, due

to the lack of liquidity, its valuation did not reflect the price on an active market with regular transactions.

For purposes of determining the effective interest rate of the reclassified assets at their reclassification date, the BPI Group estimated

that it would recover all future cash flows relating to the reclassified securities.

Reclassification of bonds in 2008

( 32 343) ( 53 730)

Loans represented by securities 15 630 11 739 9 418 31 804 21 129 19 005 6.37%

Held to maturity investments 16 714 18 295 17 488 21 926 23 783 22 362 6.29%


( 2 880) ( 3 237)

Loans represented by securities 183 240 301 201 255 329 5.34%

Held to maturity investments 2 696 4 099 3 971 3 036 4 594 4 384 5.98%


( 7 699) ( 7 699)



Financial assets available for sale ( 4 093) ( 4 093)


46 886 42 526 61 879 57 106

Book value at

Dec. 31, 14

Book value on reclassif ication

date

Fair value at

Dec. 31, 14

Financial assets at fair value through profit or loss



Effective interest rate on reclassif ication

date

Dec. 31, 14Jun. 30, 15

Book value at

Jun. 30, 15

Book value on reclassif ication

date

Fair value at

Jun. 30, 15


After the reclassification date, the gain / (loss) relating to fair value changes of these securities not recognized in the statement of

income in the first half of 2015 and in 2014 and other gain / (loss) recognized in reserves and in the statement of income for these years

for securities reclassified from financial assets held for trading, were as follows:

The amounts of gain / (loss) relating to fair value changes not recognized in the statement of income correspond to gain / (loss) that

would affect net income if the bonds had remained in the “Financial assets held for trading” portfolio. Part of these amounts would be

offset by opposite results under the caption “Technical Provisions”, namely in the case of gain / (loss) on securities allocated to

insurance portfolios with profit participation.

The amounts presented in other gain / (loss) recognized in the statement of income include interest, premiums / discounts and other

expenses. The amounts presented in other gain / (loss) recognized in reserves correspond to the fair value changes of financial assets

available for sale after the reclassification date.

Financial instrument risks

The BPI Group assesses and controls risk in accordance with best practices and in compliance with the prudential rules and

regulations, following the precepts, definitions and valuation methods recommended by the Basel Banking Supervision Committee in its

three pillars.

The Directors’ Report, presented together with the notes to Banco BPI’s financial statements, also includes a section relating to “Risk

management”, which contains additional information about the nature and extent of the BPI Group’s financial risks.

ReservesStatements of income

ReservesStatements of income

Loans represented by securities 785 ( 1 258) ( 64) ( 9 371)

Held-to-maturity investments 677 145 3 197 210

1 462 ( 1 112) 3 133 ( 9 161)

Other gain / (loss) recognized in:

Jun. 30, 15 Dec. 31, 14

Gain/ (loss) associated w ith

fair value changes not recognized in the statement

of income

Other gain / (loss) recognized in:

Gain/ (loss) associated

w ith fair value changes not recognized in the statement

of income


Exposure to sovereign debt

The BPI Group's exposure to the debt of countries that have requested financial support from the European Union, the European

Central Bank and the International Monetary Fund at June 30, 2015, excluding the insurance capitalization portfolios of BPI Vida e

Pensões, was as follows:

Fair value was determined based on prices in international markets, the unrealized gains / (losses) and hedge accounting effect being

reflected in specific reserve captions or in the statement of income, depending on whether the securities are classified in the available

for sale securities portfolio or in the held for trading securities portfolio, respectively. The BPI Group considers that at June 30, 2015

there was no objective evidence of impairment.

In 2014 the BPI Group sold bonds issued by Portuguese government entities with a nominal value of 850 000 t. euro.

At June 30, 2015 the BPI Group had no exposure to Greek sovereign debt. The BPI Group has in the financial assets available for sale

portfolio, OTE PLC bonds (Hellenic Telecommunications Organization), the leading telecom operator in Greece, in the amount of 23 527

t. euro and KION MORTGAGE Class A bonds (securitization of mortgage loans originated by the Greek Millennium bank) in the amount

of 54 t. euro (Note 4.5).

The BPI Group’s exposure, excluding the insurance capitalization portfolios of BPI Vida e Pensões, to the debt of countries that have

requested financial support from the European Union, the European Central Bank and the International Monetary Fund at June 30, 2015

is as follows, by residual period to maturity:

BPI Group excluding insurance capitalization portfolios

Nominal Value

Net book value / fair

value

Net gain/ (loss) on

securities

Hedge accounting

effect

Impairment recognized

Held for trading and at fair value through profit or loss 41 219 41 651 ( 16)

Portugal 41 219 41 651 ( 16)

Available for sale 2 922 634 3 020 129 76 445 ( 95 714)

Portugal 2 922 634 3 020 129 76 445 ( 95 714)

Total exposure 2 963 853 3 061 780 76 430 ( 95 714)

Maturity 2015 2016 a 2020 > 2021 Total

Portugal 1 184 417 1 877 227 136 3 061 780

1 184 417 1 877 227 136 3 061 780


The ratings of Portugal and Greece are the following:

In addition, at June 30, 2015, some insurance capitalization portfolios of BPI Vida e Pensões, fully consolidated in the financial

statements of the BPI Group, held Portuguese and Greek sovereign debt bonds.

Exposure of the insurance capitalization portfolios of BPI Vida e Pensões to the sovereign debt of Portugal and Greece, at June 30,

2015 is made up as follows, by residual period of maturity:

Credit risk

Maximum exposure to credit risk

Credit risk is one of the most significant risks of the BPI Group’s operations. More information about this risk, particularly about the

management process for the various segments of credit, can be found in the section “Risk Management” in the Directors’ Report.

Jun. 30, 15 Dec. 31, 14

S&P Moody's Fitch S&P Moody's Fitch

Portugal BBu Ba1 BB+ BB Ba1 BB+

Greece CCC- Caa2 C B Caa1 B

Insurance capitalization portfoliosNominal

ValueNet book

valueMarket value

Impairment

Held for trading and at fair value through profit or loss 44 347 48 108 48 108

Portugal 44 347 48 108 48 108

Loans and other receivables 100 000 100 778 99 993

Portugal 100 000 100 778 99 993

Total exposure 144 347 148 886 148 101

Maturity 2015 2016 a 2020 > 2021 Total

Portugal 53 798 94 768 320 148 886

53 798 94 768 320 148 886


Maximum exposure to credit risk at June 30, 2015, by type of financial instrument, is as follows:

1 This caption is presented in the balance sheet as financial assets held for trading and at fair value through profit or loss. Maximum exposure to credit risk at December 31, 2014, by type of financial instrument, is as follows:

1 This caption is presented in the balance sheet as financial assets held for trading and at fair value through profit or loss.

Gross Net

book Impairment book

value value

Balance sheet items

Deposits at other credit institutions 551 644 551 644

3 243 052 3 243 052

Financial assets available for sale 7 466 124 ( 113 840) 7 352 284

Loans and advances to credit institutions 1 913 493 1 913 493

Loans and advances to customers 25 289 208 ( 992 099) 24 297 109

Held to maturity investments 22 394 22 394

Derivatives

Hedging derivatives 109 121 109 121

Trading derivatives1 270 106 270 106

38 865 142 (1 105 939) 37 759 203

Off balance sheet items

Guarantees given 1 723 839 ( 42 268) 1 681 571

Irrevocable credit lines 1 152 ( 1 083) 69

1 724 991 ( 43 351) 1 681 640

40 590 133 (1 149 290) 39 440 843


Type

of financial

instrument

Gross Net

book Impairment book

value value

Balance sheet items

Deposits at other credit institutions 380 475 380 475

2 727 702 2 727 702

Financial assets available for sale 7 637 902 ( 112 124) 7 525 778

Loans and advances to credit institutions 2 588 819 ( 2) 2 588 817

Loans and advances to customers 26 305 630 (1 036 661) 25 268 969

Held to maturity investments 88 382 88 382

Derivatives

Hedging derivatives 148 693 148 693

Trading derivatives1 290 031 290 031

40 167 634 (1 148 787) 39 018 847

Off balance sheet items

Guarantees given 1 826 825 ( 37 761) 1 789 064

Irrevocable credit lines 1 598 ( 798) 800

1 828 423 ( 38 559) 1 789 864

41 996 057 (1 187 346) 40 808 711


Type

of financial

instrument


Breakdown of overdue loans

Overdue loans and interest at June 30, 2015, by non performing classes, are as follows:

In addition, at June 30, 2015 collective impairment of 446 479 t. euro was recognized on performing loans to customers and loans and

advances to credit institutions. Overdue loans and interest at December 31, 2014, by non performing classes, are as follows:

In addition, at December 31, 2014, collective impairment of 445 311 t. euro was recognized on performing loans to customers and loans

and advances to credit institutions.

Collateral

Banco BPI receives, among others, the following collateral in its loan granting business:

Housing mortgages;

Mortgage of buildings and land;

Deposit of assets;

Pledge of securities;

Guarantees provided by other credit institutions.

The fair value of collateral received is determined based on market value considering its nature. For example, property received in

guarantee is valued by external appraisers or by Banco BPI’s units using methods considered appropriate.

up to 1 month

from 1 to 3 months

from 3 months to 1

year

from 1 to 5 years

more than 5 years

Total

Loans and advances to customers Subject to individual assessmentOverdue loans and interest 35 10 989 73 654 401 750 62 622 549 050Impairment ( 18) ( 3 430) ( 30 180) ( 251 629) ( 39 792) ( 325 049)

17 7 559 43 474 150 121 22 830 224 001Subject to collective assessmentOverdue loans and interest 5 735 36 403 283 793 105 602 431 533Impairment ( 1 747) ( 15 480) ( 138 049) ( 65 295) ( 220 571)

3 988 20 923 145 744 40 307 210 962

Non performing classes

up to 1 month

from 1 to 3 months

from 3 months to 1

year

from 1 to 5 years

more than 5 years

Total

Loans and advances to customers Subject to individual assessmentOverdue loans and interest 6 521 20 756 36 807 422 674 108 036 594 794Impairment ( 4 340) ( 4 928) ( 15 244) ( 255 269) ( 81 850) ( 361 631)

2 181 15 828 21 563 167 405 26 186 233 163Subject to collective assessmentOverdue loans and interest 1 706 6 439 44 206 291 587 104 961 448 899Impairment ( 34) ( 1 889) ( 18 167) ( 144 176) ( 65 455) ( 229 721)

1 672 4 550 26 039 147 411 39 506 219 178

Non performing classes


The coverage of overdue loans by collateral received at June 30, 2015 was as follows:

1 The value of collateral presented is the lower of the fair value of the collateral received and the amount owed at June 30, 2015. 2 Other collateral includes pledged deposits and securities. 3 For purposes of determining impairment, pledged property is valued at the amount in the event of execution, which is less than market value. The amount

of impairment shown includes 165 262 t. euro relating to performing loans associated with overdue loans.

The coverage of performing loans on which impairment was determined on an individual basis at June 30, 2015 was as follows:

1 The value of collateral shown is the lower of the fair value of the collateral received and the amount owed at June 30, 2015. 2 Other collateral includes pledged deposits and securities. 3 For purposes of determining impairment, pledged property is valued at the amount in the event of execution, which is less than market value.

Loans with default Collateral 1

Performing amount associated with defaulting loans Overdue Total Mortgages Other Collateral 2

>=100% 119 966 162 285 282 251 278 616 3 635 95 967

>=75% and <100% 72 392 147 525 219 917 190 039 7 563 80 179

>=50% and <75% 1 832 58 496 60 328 39 255 349 28 971

>=25% and <50% 1 203 20 177 21 380 7 447 1 521 14 493

>=0 and <25% 64 096 14 160 78 256 680 3 895 40 095

Without collateral 147 177 577 940 725 117 451 177

Total 406 666 980 583 1 387 249 516 037 16 963 710 882

Impairment 3Coverage

Collateral 1

CoveragePerforming

loansMortgages Other collateral 2

Loans not represented by securities

>=100% 128 124 116 129 11 995 15 773

>=75% and <100% 38 091 32 365 2 299 26 156

>=50% and <75% 13 915 6 235 1 716 1 186

>=25% and <50% 4 076 411 1 334 1 115

>=0 and <25% 70 885 369 3 969 11 402

Without collateral 337 908 87 340

592 999 155 509 21 313 142 972

Loans represented by securities


Guarantees provided

>=100% 16 138 12 114 4 024 1 120

>=50% and <75% 3 047 1 633 34 1 487

>=25% and <50% 2 731 921 443

>=0 and <25% 63 11 2


147 343 14 679 4 058 25 498

785 656 170 188 25 371 182 332

Impairment 3Loans with impairment


At June 30, 2015 the fair value of the underlying collateral of the domestic Corporate, Construction and CRE and Housing portfolio was

as follows:

1 Includes financial collateral (shares, bonds, deposits) and other assets.

At December 31, 2014 the fair value of the underlying collateral of the domestic Corporate, Construction and CRE and Housing portfolio

was as follows:

1 Includes financial collateral (shares, bonds, deposits) and other assets.

At June 30, 2015 the loan-to-value ratio (LTV) for the domestic Corporate, Construction and CRE and Housing portfolio was as follows:

Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount< 0.5 M€ 706 118 666 1 780 95 098 1 570 191 661 3 643 58 644 146 354 19 314 957 2 919 84 515≥ 0.5 M€ and < 1 M€ 165 116 355 70 47 397 107 74 674 15 9 098 707 443 382 7 4 161≥ 1 M€ and < 5 M€ 257 544 357 85 183 435 72 135 433 9 15 486 62 82 259≥ 5 M€ and < 10 M€ 43 302 257 13 92 096 3 15 771 1 5 150≥ 10 M€ and < 20 M€ 20 262 736 3 45 616 3 40 067≥ 20 M€ and < 50 M€ 6 158 617 5 125 854 1 20 950≥ 50 M€ 1 62 873 1 76 586 4 367 842Total 1 198 1 565 861 1 957 666 082 1 760 846 398 3 668 88 378 147 123 19 840 598 2 926 88 676

Other real

collateral 1Fair value of the collateral

Corporate Construction and CRE Housing

Properties

Other real

collateral 1 Properties

Other real

collateral 1 Properties

Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount< 0.5 M€ 749 129 178 1 822 97 110 1 569 193 860 3 962 71 669 146 511 19 222 554 2 882 83 654≥ 0.5 M€ and < 1 M€ 174 123 975 81 55 699 119 82 534 16 10 301 709 444 746 6 3 485≥ 1 M€ and < 5 M€ 257 547 147 95 195 136 78 150 365 10 15 986 63 86 433 1 1 040≥ 5 M€ and < 10 M€ 47 329 110 9 59 917 2 10 617 1 8 069 0 0 0 0≥ 10 M€ and < 20 M€ 20 263 863 11 155 812 1 11 356 0 0 0 0 0 0≥ 20 M€ and < 50 M€ 7 178 508 16 388 979 2 42 691 0 0 0 0 0 0≥ 50 M€ 1 62 873 1 59 000 4 397 842 0 0 0 0 0 0Total 1 255 1 634 655 2 035 1 011 652 1 775 889 264 3 989 106 025 147 283 19 753 733 2 889 88 179

Other real

collateral 1Fair value of the collateral

Corporate Construction and CRE Housing

Properties

Other real

collateral 1 Properties Properties Imóveis

Segment / Loan-to-value ratioNumber of properties

Without signs of impairment

With signs of impairment

Default Impairment

CorporateWithout associated collateral 3 399 133 266 392 224 720 248 016 < 60% 823 300 299 30 798 36 582 30 081 ≥ 60% and <80% 106 95 537 20 946 17 064 7 505 ≥ 80% and <100% 95 81 297 2 099 3 184 2 469 ≥ 100% 174 1 115 141 192 436 60 662 82 383

Construction and CREWithout associated collateral 236 464 19 118 58 352 50 031 < 60% 1 259 79 413 33 177 61 366 39 267 ≥ 60% and <80% 192 28 726 6 077 56 602 27 642 ≥ 80% and <100% 105 28 992 758 11 550 4 489 ≥ 100% 204 22 959 7 887 28 641 18 795

HousingWithout associated collateral 9 425 213 15 655 13 166 < 60% 72 872 3 399 683 52 494 52 137 24 435 ≥ 60% and <80% 31 311 2 782 148 53 354 69 604 38 456 ≥ 80% and <100% 30 426 3 126 514 69 488 125 706 67 532 ≥ 100% 12 514 1 183 290 39 782 225 423 98 677

150 081 15 889 022 795 018 1 047 248 752 945


At December 31, 2014 the loan-to-value ratio (LTV) for the domestic Corporate, Construction and CRE and Housing portfolio was as

follows:

The coverage of overdue loans by collateral received at December 31, 2014 was as follows:

1 The value of collateral shown is the lower of the fair value of the collateral received and the amount owed at December 31, 2014. 2 Other collateral includes pledged deposits and securities. 3 For purposes of determining impairment, pledged property is valued at the amount in the event of execution, which is less than market value. The value of

impairment shown includes 161 192 t. euro relating to performing loans associated with defaulting loans.

Segment / Loan-to-value ratioNumber of properties

Without signs of impairment

With signs of impairment

Default Impairment

CorporateWithout associated collateral 0 3 997 491 38 982 172 819 284 804 < 60% 794 310 654 20 453 39 494 23 852 ≥ 60% and <80% 172 236 561 10 383 5 090 9 178 ≥ 80% and <100% 72 140 404 1 066 5 957 6 670 ≥ 100% 217 1 078 970 44 867 56 242 91 333

Construction and CREWithout associated collateral 0 296 361 17 325 38 313 41 737 < 60% 1 278 81 899 7 149 120 830 62 329 ≥ 60% and <80% 216 36 020 3 974 8 677 6 281 ≥ 80% and <100% 84 34 632 589 8 075 4 050 ≥ 100% 197 42 830 14 037 26 001 26 740

HousingWithout associated collateral 0 4 416 168 16 680 14 076 < 60% 71 387 3 335 724 49 344 53 577 24 749 ≥ 60% and <80% 30 262 2 670 762 50 205 70 150 38 348 ≥ 80% and <100% 30 743 3 177 074 64 126 121 422 65 713 ≥ 100% 14 891 1 450 195 45 488 233 276 102 949

150 313 16 893 993 368 155 976 603 802 808

Loans with default Collateral 1

Performing amount

associated with defaulting loans

Overdue Total Mortgages Other Collateral 2

>=100% 116 327 162 174 278 501 275 568 2 933 98 064

>=75% and <100% 75 403 151 051 226 454 197 944 6 627 80 275

>=50% and <75% 2 258 62 112 64 370 41 983 361 29 709

>=25% and <50% 1 218 29 330 30 548 9 479 1 773 14 092

>=0 and <25% 73 738 21 028 94 766 1 427 4 749 40 539

Without collateral 151 864 617 998 769 862 489 865

Total 420 808 1 043 693 1 464 501 526 401 16 443 752 544

Coverage Impairment 3


The coverage of performing loans on which impairment was determined on an individual basis at December 31, 2014 was as follows:

1 The value of collateral shown is the lower of the fair value of the collateral received and the amount owed at December 31, 2014. 2 Other collateral includes pledged deposits and securities. 3 For purposes of determining impairment, pledged property is valued at the amount in the event of execution, which is less than market value.

Credit risk quality (rating)

This section presents information concerning the quality of the credit risk of the BPI Group’s main financial assets, excluding derivatives

which are analyzed in detail in Note 4.4.. In the case of financial assets with ratings assigned by the international rating agencies

(Moody, Standard & Poor and Fitch) the rules set in the prudential regulations issued by the Bank of Portugal were followed, selecting

the second best in the case of different external ratings for the same instrument. When no specific external ratings were found, Banco

BPI used external ratings assigned by the issuer of instruments with the same degree of subordination. In the case of local authorities,

banks and other similar institutions, the ratings used are based on the external ratings assigned to the State where the entity has its

headquarters. External rating is an important element to consider in the management of positions, especially in security portfolios, and is

also used for calculating weights used to determine prudential capital by the standard method, in accordance with the regulations issued

by the Bank of Portugal.

Loan exposures without external ratings were distributed by quality levels (project finance), rating classes (for company and

entrepreneurs and business exposures), or by scorings (private customer exposure). External and internal ratings, where they exist, are

an indicator of increasing importance to the BPI Group’s internal management of loans, being used by the teams responsible for

monitoring customers in order to inform the decisions regarding new loans or the situation of existing exposure. This internal

classification does not include all the Group’s exposure, namely it excludes sovereign exposures or exposure to other banks, in which

case external ratings are used and the loans granted locally by Banco de Fomento de Angola which uses its own methodologies.

As from 2013 the distribution of exposures of the entrepreneur and business segment is presented in accordance with the classification

of the counterparties by the current internal rating system of the BPI Group.

Actual internal ratings and scorings include ten classes for regular operations, from E01/N01/01 (less probability of default) to

E10/N10/10 (more probability of default); two classes (ED1/ND1/D01 and ED2/ND2/D02) for “incidents” (delays in payment of less than

60 and 90 days, respectively) and finally one class for default (ED3/ND3/D03), when delay in payment of a given amount by a

counterparty exceeds 90 days.

Collateral 1

CoveragePerforming

loansMortgages Other collateral 2

Loans not represented by securities

>=100% 127 242 117 433 9 810 17 586

>=75% and <100% 13 525 9 126 2 492 5 771

>=50% and <75% 25 467 14 569 692 5 925

>=25% and <50% 45 181 4 090 13 909 2 086

>=0 and <25% 35 735 333 1 609 3 986


685 768 145 551 28 512 129 765

Loans represented by securities


Guarantees provided

>=100% 16 100 11 800 4 300 1 288

>=50% and <75% 3 440 1 692 104 1 652

>=25% and <50% 2 219 696 34 443

>=0 and <25% 672 11 11 3


174 634 14 199 4 449 38 269

868 331 159 750 32 961 171 464

Loans with impairment

Impairment 3


Project finance operations have a separate internal classification from other loan operations due to their specific nature, so that at any

moment the quality of the credit risk can be determined (from Weak to Strong).

Deposits and loans and advances to credit institutions, by ratings, at June 30, 2015 were as follows:

Note: Gross exposure corresponds to the nominal value adjusted for corrections of value and does not include cheques for collection.

Loans to costumers, by ratings, at June 30, 2015 were as follows:

Note: Gross exposure corresponds to the nominal value adjusted for corrections of value.

Type of financial instrument Origin Rating Grade Class Gross exposure Impairment Net exposure

AAA to AA- 448 588 448 588

A+ to A- 535 865 535 865

BBB+ to BBB- 643 805 643 805

BB+ to BB- 600 740 600 740

B+ to B- 44 609 2 44 607

< B- 19 19

N/D N/D 6 6

2 273 632 2 2 273 630

Deposits, loans and advances to credit institutions

External rating


Loans to costumers AAA to AA- 16 197 16 197

A+ to A- 181 578 1 249 180 329

BBB+ to BBB- 445 871 445 871

BB+ to BB- 1 320 590 18 1 320 572

B+ to B- 97 073 97 073

< B- 11 801 11 801

Strong 125 623 651 124 972

Good 932 932 6 538 926 394

Satisfactory 320 587 5 545 315 042

Weak 163 365 10 434 152 931

Default 234 489 109 513 124 976

E01 to E03 494 812 2 367 492 445

E04 to E06 2 277 704 10 306 2 267 398

E07 to E10 1 190 990 34 247 1 156 743

ED1 to ED3 559 652 294 401 265 251

N01 to N03 35 190 271 34 919

N04 to N06 410 467 3 042 407 425

N07 to N10 661 549 14 299 647 250

ND1 to ND3 176 695 96 009 80 686

01 to 03 7 657 240 12 259 7 644 981

04 to 06 2 535 942 10 552 2 525 390

07 to 10 1 119 863 23 698 1 096 165

D01 to D03 681 648 230 860 450 788

N/D N/D 3 547 716 125 840 3 421 876

25 199 574 992 099 24 207 475

External rating

Project Finance rating

Internal Rating

Entrepreneurs and Business

Rating

Scoring


The Securities portfolio, by ratings, at June 30, 2015 was as follows:

Deposits and loans and advances to credit institutions, by ratings, at December 31, 2014 were as follows:

Note: Gross exposure corresponds to the nominal value adjusted for corrections of value and does not include cheques for collection.

Loans to costumers, by ratings, at December 31, 2014 were as follows:

Note: Gross exposure corresponds to the nominal value adjusted for value corrections.


AAA to AA- 161 336 161 336

A+ to A- 84 109 84 109

BBB+ to BBB- 2 064 625 29 2 064 596

BB+ to BB- 6 764 459 323 6 764 136

B+ to B- 114 627 114 627

< B- 3 469 3 469

N/D N/D 1 538 912 113 488 1 425 424

10 731 537 113 840 10 617 697

Securities

External rating


AAA to AA- 305 909 305 909

A+ to A- 610 477 610 477

BBB+ to BBB- 379 460 379 460

BB+ to BB- 1 552 660 1 552 660

B+ to B- 44 781 2 44 779

N/D N/D 936 936

2 894 227 2 2 894 225

Deposits, loans and advances to credit institutions

External rating


Loans to costumers AAA to AA- 8 242 8 242

A+ to A- 167 734 986 166 748

BBB+ to BBB- 274 715 274 715

BB+ to BB- 1 707 567 411 1 707 156

B+ to B- 77 027 77 027

< B- 11 800 11 800

Strong 133 133 133 133

Good 840 481 193 840 288

Satisfactory 258 480 812 257 668

Weak 238 580 25 648 212 932

E01 to E03 609 846 2 675 607 171

E04 to E06 2 202 826 9 115 2 193 711

E07 to E10 1 289 722 70 036 1 219 686

ED1 to ED3 564 945 326 524 238 421

N01 to N03 37 501 261 37 240

N04 to N06 385 737 2 805 382 932

N07 to N10 627 832 11 054 616 778

ND1 to ND3 202 911 110 558 92 353

01 to 03 7 803 000 12 835 7 790 165

04 to 06 2 527 555 10 738 2 516 817

07 to 10 1 132 511 24 384 1 108 127

D01 to D03 684 113 232 371 451 742

N/D N/D 4 430 467 195 255 4 235 212

26 216 725 1 036 661 25 180 064

Entrepreneurs and Business

Rating

External rating

Project Finance rating

Internal Rating

Scoring


The Securities portfolio, by ratings, at December 31, 2014 was as follows:

Restructured loans

At June 30, 2015 and December 31, 2014 the restructured loan operations were identified in accordance with Bank of Portugal

Instruction 32/2013 (which replaces Instruction 18/2012) which defines restructured loans due to financial difficulties of the customer.

In accordance with the Instruction, institutions must identify and mark in their information systems, loan contracts with customers in

situations of financial difficulty, whenever there are changes to the terms and conditions of the contracts (namely, extension of the

repayment term, introduction of grace periods, capitalization of interest, reduction of interest rates, waiver of interest or capital), or the

institution agrees to grant new credit facilities for total or partial payment of the existing debt service, and for this purpose include the

words "restructured loans due to financial difficulty of the customer."

A customer is considered to be in a position of financial difficulty when it has failed to fulfill any of its financial obligations to the

institution or if it is foreseeable that this will occur, given the information available.

A loan operation which is restructured due to financial difficulty of the customer can only be demarked after a minimum period of two

years from the date it is restructured, provided that certain conditions are met cumulatively.

The following restructured loan operations have been identified for domestic operations of the BPI Group at June 30, 2015 and

December 31, 2014:

At June 30, 2015 and December 31, 2014 restructured loan operations identified by Banco de Fomento de Angola amounted to 37 282 t. euro and 38 232 t. euro, respectively. Liquidity risk

The schedules presented below were prepared based on the requirements of IFRS 7 relating to Liquidity Risk, considering the total

contractual undiscounted cash flows expected to be paid or received in the periods relating to outstanding transactions on the reference

dates.

The main assumptions used in preparing the tables below were:

• in the case of interest depending on market indices or other references which are only identifiable on a future date (such as interest

based on the Euribor) assumptions were made regarding the future value of such references, based on the last known value;

• defaults and early repayment are not considered (except for perpetual debt instruments);

• shares and overdue loans are included (by their book value) as "undetermined";

• demand deposits (including interest) and the bills and coins on hand are considered as "on demand";

• trading portfolio operations and all derivatives are considered in these schedules by their projected or estimated cash flows, on the

contractual dates, and not by the market values that would be obtained by their possible sale in the short term.


AAA to AA- 160 122 160 122

A+ to A- 179 789 179 789

BBB+ to BBB- 2 280 903 29 2 280 874

BB+ to BB- 6 630 595 287 6 630 308

B+ to B- 79 223 79 223

< B- 1 709 1 709

N/D N/D 1 121 595 111 808 1 009 787

10 453 936 112 124 10 341 812

Securities

External rating

Loans Loans

Performing Overdue Total Performing Overdue Total

Companies 828 510 206 652 1 035 162 245 606 923 058 269 609 1 192 667 295 491

Loans to individuals

Housing 202 683 53 180 255 863 65 409 191 624 53 396 245 020 64 145

Other loans 120 601 52 709 173 311 52 478 139 129 53 561 192 690 55 093

1 151 794 312 541 1 464 335 363 493 1 253 811 376 567 1 630 378 414 729

Impairment Impairment

Jun. 30, 15 Dec. 31, 14


The contractual undiscounted cash flows of financial assets and liabilities at June 30, 2015 were as follows:

1 Includes the notional amount of swap operations.

on demand up to 3 months from 3 months to

1 yearfrom 1 to 5 years

more than 5 years

undetermined Total

Assets Cash and deposits at Central Banks 2 012 836 2 012 836Deposits at other credit institutions 363 519 188 127 551 646Financial assets held for trading and at fair value through profit or loss 510 568 988 465 547 230 86 964 1 109 825 3 243 052Financial assets available for sale 817 995 3 110 054 2 925 365 187 472 425 238 7 466 124Held-to-maturity investments 1 627 9 941 10 794 22 362Loans and advances to credit institutions 1 560 970 211 091 134 356 3 696 1 910 113Loans and advances to customers 2 847 300 2 497 026 7 353 703 11 484 310 980 583 25 162 922

Hedging derivatives1 2 171 489 4 577 090 3 883 917 168 473 10 800 969

Trading derivatives 1 566 667 960 914 2 294 544 2 474 279 6 296 404

Contractual interest cash flows of derivatives 30 394 88 639 188 398 166 188 473 619Contractual interest cash flows of other assets 155 622 490 859 2 020 614 2 404 491 5 071 587

2 376 355 8 850 758 12 934 079 19 358 922 16 975 874 2 515 646 63 011 634LiabilitiesResources of central banks 1 519 651 1 519 651Financial liabilities held for trading 12 552 12 552Resources of other credit institutions 425 716 221 921 97 375 628 488 1 373 500Resources of customers and other debts 11 389 573 5 506 481 7 176 452 2 270 860 1 685 088 28 028 454Debt securities 127 127 518 994 550 578 20 000 1 216 699Financial liabilities relating to transferred assets 598 445 358 134 956 579


Trading derivatives 1 568 028 961 815 2 288 450 2 479 251 6 297 545Technical provisions 297 624 1 150 595 726 796 1 786 981 3 961 996Other subordinated debt and participating bonds 58 510 10 929 69 439

Contractual interest cash flows of derivatives 29 141 103 243 317 221 139 366 588 970Contractual interest cash flows of other liabilities 116 718 135 397 200 494 64 247 516 856

11 389 573 9 273 324 15 426 088 12 220 950 6 984 523 55 294 457


The contractual undiscounted cash flows of financial assets and liabilities at December 31, 2014 were as follows:

1 Includes the notional amount of swap operations.

on demand up to 3 months from 3 months to

1 yearfrom 1 to 5 years

more than 5 years

undetermined Total

Assets Cash and deposits at Central Banks 1 894 186 1 894 186Deposits at other credit institutions 314 923 65 552 380 475Financial assets held for trading and at fair value through profit or loss 1 284 167 388 437 246 797 163 839 644 462 2 727 702Financial assets available for sale 1 236 292 2 452 511 3 514 197 6 591 428 311 7 637 902Held-to-maturity investments 62 806 8 504 17 022 88 332Loans and advances to credit institutions 2 317 000 180 716 81 543 45 2 579 304Loans and advances to customers 2 854 730 2 798 255 7 326 164 12 148 841 1 044 079 26 172 068


Trading derivatives 1 541 823 1 042 019 2 611 175 2 780 367 6 975 384

Contractual interest cash flows of derivatives 65 512 100 776 237 799 190 816 594 903Contractual interest cash flows of other assets 17 217 624 513 135 2 101 655 2 358 500 5 190 931

2 209 126 10 820 646 12 121 939 22 037 403 17 814 625 2 116 852 67 120 590LiabilitiesResources of central banks 1 134 652 410 650 1 545 302Financial liabilities held for trading 799 799Resources of other credit institutions 373 923 112 862 143 872 724 331 1 354 988Resources of customers and other debts 10 188 124 6 033 243 7 280 015 3 525 969 842 563 27 869 914Debt securities 798 487 152 148 1 238 073 20 020 2 208 728Financial liabilities relating to transferred assets 638 296 410 066 1 048 362


Trading derivatives 1 532 302 1 036 568 2 594 480 2 792 247 6 955 597Technical provisions 387 089 1 108 701 817 869 1 838 172 4 151 830Other subordinated debt and participating bonds 58 661 10 778 69 439

Contractual interest cash flows of derivatives 46 583 130 009 410 017 164 325 750 933Contractual interest cash flows of other liabilities 110 892 49 001 157 065 90 943 407 902

10 188 124 11 650 889 15 125 418 15 617 286 6 639 586 59 221 303


The Bank continuously tracks the evolution of its liquidity, monitoring the incoming and outgoing of funds in real time. Projections of

liquidity are carried out periodically in order to help plan the short and medium term funding strategy. In the first half of 2015 Banco BPI

repaid and repurchased own debt on the amount of 912 million euro and the sale and repurchase of third party bonds in the amount of

200 million euro. Net funding obtained from the ECB increased from 1 500 million euro in December 2014 to 1 520 million euro in June

2015, relating entirely to the funds obtained under the TLTRO (4 year operation at a fixed rate launched by the ECB at the end of 2014

to promote the granting of credit to the economy, maturing in 2018). At June 30, 2015 the Bank had a portfolio of assets eligible for

obtaining funding from the ECB, totalling 8 972 million euro net of ECB valuation margins. This amount includes 6 029 million euro

available for immediate use.

More information about the management of liquidity risks of the BPI Group is contained in the “Liquidity risk” section of the Directors’

Report.

Market Risk

Market risk (interest rate, exchange rate, share price, commodity price and spread) is defined as the potential to incur losses due to

unexpected changes in the price of instruments or operations (“price” includes index value, interest rate or exchange rate). Spread risk

is the risk resulting from the variability of interest rates of some counterparties in relation to the interest rate used as a reference.

The Executive Board for Global Risks (EBGR) is responsible for managing the BPI Group’s market risk and differentiates between the

trading portfolio (trading) and the remaining businesses. In the specific case of exchange risk, the assessment is made for the activity as

a whole (trading and non-trading).

More information about market risks in the BPI Group is contained in the “Risk Management” section of the Directors’ Report.

Trading portfolio (trading)

Trading positions are managed autonomously by the traders, within the limits established by the Trading Department Manual for the

entire BPI Group, approved by the Executive Committee of the Board of Directors. The trading portfolio is defined for financial and risk

management purposes, independently of the accounting classification (although the concepts largely match) and includes all types of

financial instruments traded by the Trading Rooms (derivatives, repurchases, shares and bonds) that cause various types of market

risk, namely interest rate, shares, exchange, commodities and spread risks.

Market risk in trading operations is assessed and controlled daily through the calculation of VaR - Value at Risk – using a standard

model (of the “variance co-variance” type), based on the activity of the Banks of the BPI Group as a whole.

Calculated VaR corresponds to the maximum potential loss, with a confidence level of 99%, resulting from an adverse evolution of risk

factors within a timeframe of two weeks (risk factors are price increase rates, indexes and interest rates that affect the value of the

portfolio, or that are taken as representative of those prices, indexes and rates). The model uses, as risk factor volatility, the standard

deviation of historical samples of their amounts on an annual basis and uniform weight. In calculating the overall risk, the effect of the

diversification of investments is included in the model through the statistical effect of the correlation between risk factors (the correlation

is calculated from annual historical samples and uniform weight of relevant pairs of risk factors). A normal distribution of risk factors is

assumed, with a mean of zero and standard deviation leading to the above mentioned confidence level.


In the first half of 2015 and 2014 the average VaR in the Bank’s trading books was as follows:

In compliance with its legal obligations, the Group also produces prudential information for purposes of control by the supervisor and

calculates regulatory capital relating to market risks in accordance with the standard methodology established by the Bank of Portugal. Banking portfolio (non-trading)

The Financial Committee, chaired by the Executive Board’s member responsible for the financial portfolio, monitors and manages the

positions that are part of the banking portfolio, from reports produced for the purpose and within the guidelines of EBGR. When

necessary an extraordinary meeting of EBGR is requested to make the more important decisions.

Offsetting of financial assets and liabilities

BPI Group has contracts that allow the offsetting of financial assets and liabilities on a net basis per counterparty, namely derivative

operations and repo security transactions.

The Group has the policy of contracting its derivative operations with its professional counterparties (through "ISDA Master

Agreements") or with its customers (through framework contracts), in order to have the possibility, in both cases, of netting positions by

counterparty or customer. Credit Support Annexes (CSA’s) are also signed with professional counterparties that allow the transfer of

collateral in order to minimize the risk.

Repo transactions are made mostly under a standard ISMA contract called "Global Master Repurchase Agreement", which is

considered as a compensation agreement, allowing the offsetting of the positive and negative values of all transactions negotiated with

the counterparty.

Derivatives and repo transactions relating to securities are not compensated for the purpose of presentation in the financial statements

of the BPI Group - the amount of each transaction is recorded as an asset or a liability, depending on whether the operation has a

positive or negative fair value, respectively.

VaR (average) VaR (maximum) VaR (average) VaR (maximum)

Interest rate risk 1 664 4 310 546 1 163

Currency risk 501 2 507 1 371 1 662

Equity risk 2 174 4 774 2 288 3 765

Jun. 30, 15 Jun. 30, 14


At June 30, 2015 and December 31, 2014 the amount of asset derivative financial instruments1 traded in the over-the-counter market,

offset by related liability derivatives, by counterparty type, was as follows:

At June 30, 2015 and December 31, 2014 the amount of liability derivative financial instruments1 traded in the over-the-counter market,

offset by related asset derivatives, by counterparty type, was as follows:

1 Does not include embedded derivatives and listed derivatives in the amounts of 27 869 t. euro and 24 353 t. euro, at June 30, 2015 and December 31, 2014, respectively.

Financial instruments

Cash collateral received as guarantee

Financial Institutions 141 378 ( 94 405) ( 23 380) 23 593 Local and Administrative Public Sector 328 328 Other Financial Intermediaries 2 312 ( 908) 1 404 Companies 197 462 ( 17 674) 179 788

Insurance/Pension Companies 117 117 Individuals 279 279

Total 341 876 ( 112 987) ( 23 380) 205 509

Financial Institutions 185 787 ( 113 344) ( 47 990) 24 453 Local and Administrative Public Sector 413 413 Other Financial Intermediaries 657 ( 74) 583 Companies 216 998 ( 1 193) 215 805

Insurance/Pension Companies 60 60 Individuals 388 388

Total 404 302 ( 114 610) ( 47 990) 241 702

CounterpartyFinancial assets presented in the

financial statements

Related amounts not set off in the financial statements

Net value

Dec. 31, 14

Jun. 30, 15

Financial instruments

Cash collateral pledged as guarantee

Financial Institutions 490 591 ( 94 405) ( 378 048) 18 138 Other Financial Intermediaries 38 065 ( 908) 37 157 Companies 19 017 ( 17 674) 1 343

Total 547 673 ( 112 987) ( 378 048) 56 638

Financial Institutions 619 385 ( 113 344) ( 483 878) 22 164 Other Financial Intermediaries 137 ( 74) 63 Companies 23 612 ( 1 193) 22 419 Individuals 1 1

Total 643 135 ( 114 610) ( 483 878) 44 647

Jun. 30, 15

Dec. 31, 14

Related amounts not set off in the financial statements

CounterpartyFinancial liabilities presented in the

financial statementsNet value


At June 30, 2015 and December 31, 2014 the amount of securities purchased with resale agreements, by counterparty type, was as

follows:

At June 30, 2015 and December 31, 2014 the amount of debt securities sold with repurchase agreements, by counterparty type, was as

follows:

Financial Institutions 62 947 ( 62 947)

Total 62 947 ( 62 947)

Financial Institutions 71 740 ( 71 740)

Total 71 740 ( 71 740)

CounterpartyFinancial assets presented in the


Related amounts not set off in the


Dec. 31, 14

Jun. 30, 15

Financial Institutions 99 811 ( 99 811) Other Financial Intermediaries 75 768 ( 75 768)

Total 175 579 ( 175 579)

Financial Institutions 81 409 ( 81 409) Other Financial Intermediaries 94 260 ( 94 260)

Total 175 669 ( 175 669)

Jun. 30, 15

Dec. 31, 14

CounterpartyFinancial liabilities presented in the


Related amounts not set off in the



Interest rate risk

Following is a sensitivity analysis of the BPI Group’s financial margin and shareholders’ equity to a 2% increase in the reference interest

rate, considering all the instruments of the banking portfolio sensitive to interest rate variations (including the securities portfolio of the

international operations classified in the accounting records as of trading):

Note: The positions were distributed by the asset, liability and respective maturity class columns.

The weighted position indicates an estimate of the impact on the financial margin obtained at the end of 12 months starting on July 1 of

each year resulting from a single and instantaneous change of 2% in the overall market interest rates affecting the respective positions.

Thus, the impact on each date depends on the existence and time distribution of the repricing gaps.

The interest rate risk of the remaining fixed interest rate assets and liabilities is hedged through derivatives, or is offset by balance sheet

operations with a reverse risk profile. Equity risk

In accordance with prudential requirements, the BPI Group calculates the impact of a 20% decrease in share prices and participating

units classified as financial assets available for sale and financial assets at fair value through profit or loss2. This stress test was based

on the following exposures in shares and participating units:

Note: Does not include the trading portfolio which is considered in market risk.

A 20% decrease in the price of the above securities (except for securities recorded at cost and participating units in liquidity, bond and

real estate funds) at June 30, 2015 and 2014, would result in a decrease of 52 169 t. euro and 46 184 t. euro, respectively, in their fair

value, implying the recognition of a loss of 19 733 t. euro and 21 034 t. euro, the remaining devaluation being reflected in the fair value

reserve. 2 Excluding securities held by BPI Vida e Pensões.

Time bandPosition

Weighting factor

Weighted position

PositionWeighting

factorWeighted position

on demand 1 348 788 2.00% 26 976 1 049 608 2.00% 20 992on demand - 1 month 1 577 549 1.92% 30 289 (1 648 248) 1.92% ( 31 646)

1 - 2 months 806 120 1.75% 14 107 838 681 1.75% 14 6772 - 3 months 2 287 586 1.58% 36 144 2 734 589 1.58% 43 2073 - 4 months ( 437 568) 1.42% ( 6 213) ( 427 143) 1.42% ( 6 065)4 - 5 months 230 466 1.25% 2 881 ( 171 811) 1.25% ( 2 148)5 - 6 months 1 221 036 1.08% 13 187 1 702 850 1.08% 18 3916 - 7 months 651 672 0.92% 5 995 675 604 0.92% 6 2167 - 8 months ( 113 309) 0.75% ( 850) 188 526 0.75% 1 4148 - 9 months 438 631 0.58% 2 544 191 705 0.58% 1 1129 - 10 months ( 164 392) 0.42% ( 690) 304 636 0.42% 1 27910 - 11 months 484 302 0.25% 1 211 506 248 0.25% 1 26611 - 12 months ( 207 187) 0.08% ( 166) ( 42 639) 0.08% ( 34)

Total 125 414 68 659

Financial marginJun. 30, 15 Jun. 30, 14

Financial assets held for trading and at fair value through profit or loss 37 014 17 142

Financial assets available for sale - at fair value and w ithout impairment 162 183 125 752

Financial assets available for sale - at fair value and w ith impairment 64 476 88 026

Financial assets available for sale at historical cost 6 162 8 525

Participating units in liquidity, bond and real estate funds 3 872 4 064

273 707 243 509

Jun. 30, 15 Jun. 30, 14


Currency risk

Financial assets and liabilities at June 30, 2015, by currency, were as follows:

1 Excludes the amount recorded in the Fair Value Reserve.

At June 30, 2015, exchange currency exposure in USD includes 49 351 t. euro relating to the unit links insurance portfolio issued by BPI

Vida e Pensões where the investment risk is of the policyholder.

Type of financial instrument EUR USD AKZOther

currenciesTotal

Assets

Cash and deposits at Central Banks 395 166 501 070 1 109 236 7 364 2 012 836

Deposits at other credit institutions 415 657 80 625 5 817 49 545 551 644Financial assets held for trading and at fair value through profit or loss 2 849 332 380 102 263 124 20 600 3 513 158

Financial assets available for sale1 4 145 876 925 548 2 303 159 447 7 375 030

Loans and advances to credit institutions 611 480 1 171 356 118 242 12 415 1 913 493

Loans and advances to customers 22 587 724 899 214 730 839 79 332 24 297 109

Held-to-maturity investments 22 394 22 394


Debtors and other applications 49 625 71 234 5 337 2 446 128 642

31 182 557 4 032 500 4 535 754 172 616 39 923 427

Liabilities

Resources of central banks 1 520 137 1 520 137

Financial liabilities held for trading 308 758 5 414 18 049 4 332 225

Resources of other credit institutions 1 301 786 85 300 56 1 183 1 388 325

Resources of customers and other debts 19 769 567 4 118 890 4 117 528 249 469 28 255 454

Debt securities 1 199 288 28 070 1 227 358

Financial liabilities relating to transferred assets 956 058 956 058


Provisions 89 523 24 683 4 937 598 119 741

Technical provisions 3 961 996 3 961 996

Other subordinated debt and participating bonds 69 516 69 516

Creditors and other resources 214 836 18 545 62 625 2 124 298 130

29 623 753 4 286 065 4 203 195 253 409 38 366 422

Forward currency operations (1 044 256) 454 052 203 874 92 691 ( 293 639) 200 487 536 433 11 898

Stress Test 40 097 160 930 2 380

Assets and liabilities by currency


Financial assets and liabilities at December 31, 2014, by currency, were as follows:

1 Excludes the amount recorded in the Fair Value Reserve.

The stress test consists of assessing the impact of a 20% variation in the exchange rate of each currency against the euro, with the

exception of the Kwanza (AKZ) in which the impact of a 30% variation against the euro was assessed. The amounts presented above

are absolute amounts, and correspond to the potential impact (before taxes) on total equity including minority interests.

Hedge accounting

The BPI Group applies fair value hedge accounting to several business lines, including hedging for:

fixed rate loans to customers;

fixed rate deposits;

fixed rate debt issues;

structured debt issues;

fixed rate securities.

The BPI Group uses “back-to-back” hedging relationships and macro-hedging.

The BPI Group hedges interest rate risk and currency risk relating to the above hedged items.

Interest rate swaps and forward currency operations are the main hedging instruments used.

Application of Hedge Accounting eliminates the "accounting mismatch" that would result from the recognition of the hedged items at

amortized cost, while the hedging instruments (derivative financial instruments) would have to be recorded at fair value through profit or

loss. The value of hedged financial instruments is their exposure (nominal value contracted).

Type of f inancial instrument EUR USD AKZOther

currenciesTotal

Assets Cash and deposits at Central Banks 429 074 680 584 776 753 7 792 1 894 203Deposits at other credit institutions 296 945 32 376 2 213 48 941 380 475Financial assets held for trading and at fair value through profit or loss 2 581 066 210 909 213 377 12 381 3 017 733Financial assets available for sale1 4 786 680 1 060 072 1 713 756 443 7 560 951Loans and advances to credit institutions 639 151 706 712 1 241 978 976 2 588 817Loans and advances to customers 23 068 084 883 079 1 216 461 101 345 25 268 969Held-to-maturity investments 88 382 88 382Hedging derivatives 146 317 2 097 279 148 693Debtors and other applications 35 518 65 371 4 952 1 115 106 956

32 071 217 3 641 200 5 169 490 173 272 41 055 179LiabilitiesResources of central banks 1 515 884 45 301 1 561 185Financial liabilities held for trading 319 157 5 301 2 270 57 326 785Resources of other credit institutions 1 237 681 132 992 52 1 716 1 372 441Resources of customers and other debts 19 040 585 4 260 043 4 585 511 248 478 28 134 617Debt securities 2 177 152 60 922 2 238 074Financial liabilities relating to transferred assets 1 047 731 1 047 731Hedging derivatives 317 441 9 729 49 327 219Provisions 77 084 21 926 7 791 532 107 333Technical provisions 4 151 830 4 151 830Contingent convertible subordinated bondsOther subordinated debt and participating bonds 69 521 69 521

29 954 066 4 536 214 4 595 624 250 832 39 336 736Forw ard currency operations (1 138 230) 936 572 133 825 111 911 44 078

41 558 707 691 34 351

Stress Test 8 312 212 307 6 870

Assets and liabilities by currency


The book value of hedged instruments and fair value of hedging instruments at June 30, 2015 is made up as follows:

Embedded options were not included.

The book value of hedged instruments and fair value of hedging instruments at December 31, 2014 is made up as follows:

Embedded options were not included.

Hedged items Hedging instruments

Fair value types of hedgeNominal amount

Interest, premiums

and potential gain/loss

ImpairmentValue

correctionsTotal

Notional amount

Interest and

premiumsRevaluation Fair value

Assets

Loans to customers 268 211 3 251 ( 2 091) 36 651 306 022 304 041 ( 5 762) ( 38 062) ( 43 824)

Fixed rate securities portfolio 1 464 465 1 030 177 211 1 642 706 1 440 880 ( 10 678) ( 176 284) ( 186 962)

1 732 676 4 281 ( 2 091) 213 862 1 948 728 1 744 921 ( 16 440) ( 214 346) ( 230 786)

Liabilities

Resources of credit institutions 20 000 313 13 352 ( 33 665) 20 000 304 13 347 13 651

Customer deposits 7 916 986 79 114 36 953 (8 033 053) 7 941 868 43 050 21 796 64 846

Debt issues 471 699 2 905 4 411 ( 479 015) 1 182 866 1 076 22 852 23 928

8 408 685 82 332 54 716 (8 545 733) 9 144 734 44 430 57 995 102 425

Hedged items Hedging instruments

Fair value types of hedgeNominal amount

Interest, premiums

and potential gain/loss

ImpairmentValue

correctionsTotal

Notional amount

Interest and

premiumsRevaluation Fair value

Assets

Loans to customers 377 069 3 300 ( 2 482) 44 659 422 546 447 389 ( 5 977) ( 46 087) ( 52 064)

Fixed rate securities portfolio 1 766 855 16 557 220 439 2 003 851 1 820 885 ( 35 838) ( 219 321) ( 255 159)

2 143 924 19 857 ( 2 482) 265 098 2 426 397 2 268 274 ( 41 815) ( 265 408) ( 307 223)

Liabilities

Resources of credit institutions 20 000 776 15 262 ( 36 038) 20 000 755 15 255 16 010

Customer deposits 8 200 294 74 139 46 665 (8 321 098) 8 466 078 42 454 28 690 71 144

Debt issues 1 447 392 7 771 9 438 (1 464 601) 2 260 432 10 475 31 068 41 543

9 667 686 82 686 71 365 (9 821 737) 10 746 510 53 684 75 013 128 697


The tables above include the nominal amounts of hedged items for which hedge accounting is being applied. The notional amount of

hedging instruments corresponds to the sum of the notional amounts of the hedging derivative contracts, including forward start

operations (swaps and futures), and therefore the notional amount may be higher than the nominal amounts of the hedged items. For a

given asset or liability (namely fixed rate securities) there may be several derivatives to hedge the corresponding future flows.

Net income on financial operations recognized in hedging derivative financial instruments and in hedged items in the first half of 2015

and 2014 were as follows:

Hedging derivatives 20 878 ( 56 635)

Hedged itemsLoans to customers ( 8 009) 6 490Fixed rate securities portfolio ( 28 938) 47 738Resources of credit institutions 1 911 ( 3 125)Customer deposits 9 712 ( 18 365)Debt issues 5 227 18 842

( 20 097) 51 580 781 ( 5 055)


Fair value types of hedge


4.50. Share-based variable remuneration program The share-based variable remuneration program (Remuneração Variável em Acções - RVA) is a remuneration plan under which,

whenever it is decided to grant variable remuneration to Executive Directors and employees of the BPI Group (in the latter case

provided that it exceeds 2500 euro) it is made up of BPI shares and BPI share options. The individual remuneration under the RVA

program varies between 10% and 50%, the percentage increasing with the responsibility level of the beneficiary.

The shares granted to employees under the RVA program are transferred in full at the grant date, but 75% of the transfer is subject to a

resolution condition (relating to termination of the employment relationship, unless made by just cause of the Employee), which expires

on a gradual basis over the three years following the grant date (25% each year). The options to purchase shares may be exercised

between the 90th day to the fifth year as from the grant date. In accordance with the RVA Regulations, termination of the employment

relationship between the Employee and the BPI Group also affects the options granted.

The conditions for granting shares and share options to the Executive Directors up to RVA 2009 were similar to those referred above for

Employees. As from RVA 2010, the shares and share options granted to the Executive Directors under the RVA program are subject to

the following suspending condition: Banco BPI’s consolidated shareholders’ equity, based on the consolidated accounts for the third

year following that to which the variable remuneration relates, must be greater than Banco BPI’s consolidated shareholders’ equity for

the year to which the variable remuneration relates, observing the assumptions established in the RVA Regulations. The granting of

shares is also subject to the suspending condition of non-termination of the management or employment relationship established in the

RVA Regulations. In addition to these conditions, the granting of the shares is also subject to a suspending term of three years as from

the grant date and the strike period for the share options only begins after that period.

During the Portuguese State investment period, the members of Banco BPI’s Executive Commission will not be paid any variable

remuneration. Nonetheless, the Remuneration Committee may continue to evaluate annually the performance of the members of the

Executive Commission of the Board of Directors and determine the amount of the variable remuneration to which they would be entitled

under the rules established in the Remuneration Policy approved in the Shareholders General Meeting of April 2011. However, payment

of the variable remuneration will depend on the decision of the Remuneration Committee in office when the Portuguese State

investment has been fully repaid.

The limitations in terms of remuneration, resulting from the recapitalization operation explained in the preceding paragraph, ceased as

from June 25, 2014, when the public investment due to the recapitalization operation was fully repaid.

In this respect, considering that the recommendation of both the Nominating, Admission and Remuneration Committee and the

Remuneration Policy for the 2014/2016 period, approved by the Shareholders’ General Meeting, established the recommendation that:

1) the performance evaluation of the members of the Executive Commission of the Board of Directors and determination of the

variable remuneration to which they would be entitled under the Remuneration Policy rules should continue to be made

annually, the payment of such amount being subject to a decision of the Remuneration Committee then in office and to take

place after full repayment of the public investment;

2) also dependent upon a decision to be made by the Remuneration Committee, then in office, after full repayment of the public

investment, the members of the Board of Directors, members of Executive Commission of the Board of Directors and

members of the Supervisory Board should be paid the amounts corresponding to the reduction of their fixed remuneration

resulting from the limitations due to the recapitalization operation;

the Remuneration Committee made the following decisions on September 3, 2014:

a) Considering their performance in the period in which there was public investment (second half of 2012, 2013 and first

half of 2014), it approved payment to the members of the Board of Directors and members of the Supervisory Board in

office during that period, of the amounts corresponding to the reduction of their fixed remuneration in that period resulting

from the limitations due to the recapitalization operation; and

b) Taking into account the opinion of the Nomination, Remuneration and Admission Committee, approved the payment to

the members of the Executive Committee of the Board of Directors who were in office in 2012 of the amount of their

variable remuneration applicable as if no limitations were applied due to the recapitalization operation, in the overall

amount of 1% of the consolidated net results for 2012.

Notes to the consolidated financial statements as of December 31, 2014 | Banco BPI | 240

In the case of RVA 2007, the employees whose variable remuneration was equal to or greater than 2 500 euro and less than or equal to

10 000 euro could choose to receive this amount fully in “cash”. In the case of RVA 2008, 2009, 2010, 2011 and 2012, Executive

Directors and employees, whose variable remuneration was equal to or greater than 2 500 euro could choose to receive the variable

remuneration entirely in “cash” without affecting the deferral of the availability and Conditions of Access referred to above to up to 50%

of the variable remuneration paid to the Executive Directors.

Considering that in the first half of 2015 Banco BPI was under a public share purchase offering, launched on February 17, 2015, and

considering on the one hand, the interest in maintaining the RVA program, since the principles that inspired its creation and the

objectives it aims to achieve remain valid and, on the other hand, the possible questions that, under the circumstances, could be raised

because of the granting of share based remuneration, the Board of Directors of BPI decided not to realize the RVA program for the year

2014. In 2006 there was no RVA program because Banco BPI was also under a public share purchase offering. Under these

circumstances, the variable remuneration was fully paid in cash. All the other RVA programs remain in force under the conditions

referred to in this note.

The price of the shares granted corresponds to the weighted average list price of the BPI shares traded in the last ten stock exchange

sessions prior to the date the shares are granted. The price of the shares granted also corresponds to the strike price of the options.

The shares are made available (in the three years following the date they are attributed) subject to the beneficiaries remaining with the

BPI Group. The price of the shares attributed, as well as the period in which they are made available, are summarized in the following

table:

The share options can be exercised between the 90th day and the end of the 5th year following the date they were attributed. The share

options are made available subject to the beneficiaries remaining with the BPI Group. The strike prices of the options, as well as the period the options can be exercised, are summarized in the following table:

By decision of the Shareholders’ General Meeting of the Bank, the members of Executive Commission of the Board of Directors

implemented an RVA plan (with a suspensive condition) the availability and strike periods of which are shown in the following tables:

Program

2nd 3rd 4th

RVA 2011 2012-05-28 0.36 2013-05-28 2014-05-28 2015-05-28

RVA 2012 2012-12-19 0.87 2013-12-19 2014-12-19 2015-12-19

RVA 2013 2014-05-14 1.81 2015-05-14 2016-05-14 2017-05-141 Exercise price after the effect o f the capital increase of BBPI, performed in M ay 2011, August 2012 and June 2014.

Shares

Date of assignment Strike Price1

Date of availability of tranches

Program

From To

RVA 2009 2010-03-11 1.72 2010-06-12 2015-03-11

RVA 2010 2011-04-29 1.11 2011-07-30 2016-04-29

RVA 2011 2012-05-28 0.36 2012-08-29 2017-05-28

RVA 2012 2012-12-19 0.87 2013-03-19 2017-12-19

RVA 2013 2014-05-14 1.81 2014-08-15 2019-05-141 Exercise price after the effect o f the capital increase of BBPI, performed in M ay 2011, August 2012 and June 2014.

Strike PeriodDate of assignment Strike Price1

Options

Program

From To

RVA 2010 2011-04-29 1.11 2014-04-29 2017-04-291 Exercise price after the effect o f the capital increase of BBPI, performed in August 2012.

Options

Date of assignment Strike Price1

Strike Period


The total cost of the RVA programs is as follows:

Shares Options Total

RVA 2001 2 478 2 478 4 956

RVA 2002 2 507 2 507 5 014

RVA 2003 3 202 2 272 5 474

RVA 2004 3 834 2 169 6 003

RVA 2005 4 006 3 075 7 081

RVA 2007 2 649 5 938 8 587

RVA 2008 115 634 749

RVA 2009 29 814 843

RVA 2010 29 738 767

RVA 2011 8 211 219

RVA 2012 53 609 662

RVA 2013 1 269 1 331 2 600

RVA 2015 1 545 1 329 2 874

21 724 24 105 45 829The v alues of RVA 2015 Programme are estimated f or the y ear.

ProgramTotal cost

Notes to the consolidated financial statements as of December 31, 2014 | Banco BPI | 242

MODEL FOR VALUING THE EQUITY INSTRUMENTS GRANTED TO THE EMPLOYEES OF THE BPI GROUP

Shares

The Bank, for purposes of the share-based payment program, acquires a portfolio of BPI shares and transfers ownership of the shares to the employees on the date the RVA remuneration is

granted.

The changes in the number of shares not yet made available to the employees of the BPI Group in the first half of 2015 and in 2014 Proforma, as well as the fair value of the respective instruments,

are as follows:

In the case of death, incapacity or retirement of the employee, the shares not yet made available are made available early, becoming freely available to the person or to the respective heirs.

The shares refused include shares granted but not made available, to which the employee has lost his/her right because he/she has left the BPI Group.

On the date

att ributed

On the reference

date

On the date

att ributed

On the reference

date

On the date

at t ributed

On the reference

date

On the date

at tributed

On the reference

date

On the date

att ributed

On the reference

date

Shares attributed in 2013 15 706 27 15 7 059 8 9 9 168 3 11 60 923 53 74

Shares made available in 2013 15 586 27 15 5 216 6 6 4 590 2 6 30 479 26 37

Shares made available early in 2013 120

Shares refused in 2013

Shares not made available at December 31, 2013 0 1 843 2 2 4 578 2 6 30 444 26 37

Shares attributed in 2014 702 879 1 269 721

Shares made available in 2014 1 843 2 2 2 289 1 2 176 847 319 181

Shares made available early in 2014 7 533 14 8

Shares refused in 2014 615 1 1

Shares not made available at December 31, 2014 2 289 1 2 30 444 26 31 517 884 935 531

Shares attributed in 2015

Shares made available in 2015 2 289 1 2 15 222 13 15 172 175 311 175

Shares made available early in 2015 462 1

Shares refused in 2015 983 2 1

Shares not made available at June 30, 2015 15 222 13 15 344 264 622 350

R VA 2013R VA 2011 R VA 2012R VA 2010R VA 2009

F air value N umber o f

shares

F air valueN umber o f

shares

N umber o f

shares


shares


shares

F air value


Options

The changes in the number of share options in circulation, held by employees of the BPI Group (options that can be exercised) in the first half of 2015 and in 2014 Proforma, as well as their

respective fair values are as follows:

The granting and availability of Shares and Options in 2014 under the RVA 2010 and 2013 programs result from the share capital increase in June 2014.

R VA 2009 R VA 2010 R VA 2011 R VA 2012 R VA 2013

F air value F air value F air value F air value F air value

On the date

attributed

On the reference

date

On the date

at tributed

On the reference

date

On the date

attributed

On the reference

date

On the date

at tributed

On the reference

date

On the date

at tributed

On the reference

date

Options attributed in 2013 2 337 808 763 95 855 761 210 444 1 194 011 145 1 329 2 616 653 725 1 968

Options made available in 2013 2 337 808 763 95 855 761 210 444 1 194 011 145 1 329 2 616 653 725 1 968

Options cancelled in 2013 24 501 8 1 412 628 114 310

Options exercised in 2013 7 495 2 4 744 537 90 829 85 005 24 64

Options in circulation and exercisable at December 31, 2013 2 313 307 755 94 848 266 208 440 449 474 55 500 2 119 020 587 1 594

Options in circulation at December 31, 2013 2 313 307 755 342 848 266 208 133 449 474 55 267 2 119 020 587 608

Options attributed in 2014 2 040 204 501 321 2 982 564 1 321 324

Options made available in 2014 2 982 564 1 321 324

Options cancelled in 2014 3 257 1 2 246 1

Options exercised in 2014 58 187 19 9 259 023 64 41 43 636 5 26 405 742 112 116

Options in circulation and exercisable at December 31, 2014 2 251 863 735 333 2 629 447 646 414 405 838 49 241 1 713 278 475 492 2 980 318 1 320 324

Options in circulation at December 31, 2014 2 251 863 735 2 629 447 646 290 405 838 49 233 1 713 278 475 439 2 980 318 1 320 263

Options attributed in 2015

Options made available in 2015

Options cancelled in 2015 2 251 863 735 830

Options exercised in 2015 40 712 10 4 28 091 3 16 165 939 46 42

Options in circulation and exercisable at December 31, 2015 0 2 588 735 636 286 377 747 46 217 1 547 339 429 396 2 979 488 1 320 262

N umber o f

shares

N umber o f

shares

N umber o f

shares

N umber o f

shares

N umber o f

shares


When an employee of the BPI Group leaves the Group he/she loses the right to the options attributed and not yet made available. In the

case of options made available but not yet exercised, the employee has a maximum period of 30 days from the date the labour

relationship terminates to exercise the option, after which the option expires (options cancelled).

In the case of death, incapacity or retirement of employees, the options attributed become immediately exercisable, having to be

exercised within a period of 2 years from the date of the event, otherwise they expire. Cancelled options include options not exercised

within this period.

In the first half of 2015 and in 2014 Proforma, the average price of the shares on the date in which the options were exercised was as

follows:

In determining the number of options to be granted to employees and directors, the BPI Group determines the financial value of the

options as of the date they are granted.

The premium of the options over Banco BPI shares was determined in accordance with an internally developed model, based on the

Black-Scholes model, for the RVA 2003 to RVA 2013 programs.

The critical factors of the model used to manage the RVA programs are as follows:

Volatility of Banco BPI shares, which was determined as follows:

60% of the historical volatility of Banco BPI shares in the last 3.33 years;

10% of the VIX volatility index;

10% of the VDAX volatility index;

20% of the implicit volatility of the listed options traded in Spain over Spanish banks which are similar to Banco BPI.

Average expected life of the option, which depends, among others, on the following factors:

Responsibility level of the beneficiaries: Directors and other employees;

Ratio between the market price and the strike price; and

Volatility of the share price.

The model also enables the number of shares of Banco BPI necessary to ensure adequate coverage of the inherent risk of issuing

options under the RVA program to be determined.

The parameters used to determine the financial value of the options under each RVA program, as of the date the options are attributed,

are as follows:

Options exercised in 2015 Options exercised in 2014Program Number of Average price Number of Average price

options of the shares options of the sharesRVA 2008 2 349 919 1.58RVA 2009 58 187 1.89RVA 2010 40 712 1.38 259 023 1.81RVA 2011 28 091 1.25 43 636 1.48RVA 2012 165 939 1.16 405 742 1.60

BPI listing 3.33 1.41 1.94 1.25 0.37 0.87 1.81Strike price 3.33 1.41 1.94 1.25 0.37 0.87 1.81Implicit volatility 29.34% 44.27% 32.25% 35.97% 41.70% 39.78% 37.29%Interest rate 3.73% 3.10% 2.68% 5.15% 3.87% 3.18% 1.48%Expected dividends 0.19 0.07 0.08 0.00 0.00 0.00 0.00Value of the option 0.41 0.37 0.37 0.28 0.12 0.28 0.44

RVA 2013RVA 2012RVA 2011RVA 2010RVA 2009RVA 2008RVA 2007


The number of outstanding options under each RVA Program, as well as their respective fair values at June 30, 2015 were as follows:

The number of outstanding options under each RVA Program, as well as their respective fair values at December 31, 2014 Proforma

were as follows:

ACCOUNTING IMPACT OF THE RVA PROGRAM Shares

In order to cover the share-based payments, the Bank acquires a portfolio of treasury shares at the time the RVA remuneration is

attributed. The shares remain in Banco BPI’s portfolio until they are made available to the beneficiaries. At that time they are

derecognized by corresponding charge to the accumulated costs caption “Other equity instruments”.

The book value and fair value of the share component of the RVA program not yet made available to the Employees/Directors at June

30, 2015 and December 31, 2014 Proforma are as follows:

Number of outstanding options 0 2 588 735 377 747 1 547 339 2 979 488Strike price 1.72 1.11 0.36 0.87 1.81Value of option 0.00 0.11 0.58 0.26 0.09

RVA 2013RVA 2009 RVA 2012RVA 2011RVA 2010

Number of outstanding options 2 251 863 2 629 447 405 838 1 713 278 2 980 318Strike price 1.72 1.11 0.36 0.87 1.81Value of option 0.00 0.16 0.59 0.29 0.11

RVA 2013RVA 2009 RVA 2012RVA 2011RVA 2010

Jun. 30, 15

B o o k N umber F air B o o k N umber F air

value o f shares value value o f shares value

RVA 2011 1

RVA 2012 34 23

RVA 2013 436 589

RVA 2014 530

RVA 2015 307

778 1 143

RVA 2012 ( 21) 3

RVA 2013 185 346

RVA 2014 810

RVA 2015 1 238

1 402 1 159

T o tal 2 180 359 486 365 2 302 550 617 564

RVA 2013 14

T o tal 14

RVA 2011 1 2 289 2

RVA 2012 13 15 222 15 26 30 444 31

RVA 2013 622 344 264 350 935 517 884 531

T o tal 635 359 486 365 962 550 617 564

D ec. 31, 14 P ro fo rma

Cost of the shares to be made available to the Group's

employees/directors, not recognized in shareholders' equity

Cost o f the shares to be made available to the Group's

employees/directors, recognized in shareholders' equity

Treasury shares to be made available early to the Group's employees/directors

Shares P ro gram


Options

The BPI Group has created a portfolio of BPI shares to cover its share-based payment program responsibilities resulting from the

issuance of options to purchase BPI shares in accordance with a delta strategy (determined in accordance with BPI’s options evaluation

model developed in-house based on the Black-Scholes model). The strategy corresponds to the creation of a portfolio with delta shares

for each option issued, the delta number corresponding to the relationship between the variation in the price of an option and variation in

the price of the underlying share. The treasury shares held to hedge the risk of variation in the amount of the options sold are recorded

in the caption “Treasury shares hedging the RVA”, where they remain while they are held for that purpose.

When the options are exercised, the treasury shares are derecognized together with transfer of share ownership to the Employees. At

that time a gain or loss is recognized, in the amount corresponding to the difference between the strike price and the average cost of

acquiring the treasury share portfolio covering each of the programs, less the cost of the option premiums accumulated in the caption

“Other equity instruments”.

The book value and fair value of the outstanding option component of the RVA program attributed to the Employees/Directors at June

30, 2015 and December 31, 2014 Proforma were as follows:

The gain and loss realized on treasury shares hedging the exercise of RVA options, as well as the respective taxes, are recorded

directly in shareholders’ equity, not affecting net income.

Optio ns Jun. 30, 15 D ec. 31, 14 P ro fo rma

B o o k F air Unrealized B o o k F air Unrealized

value value gain/ ( lo ss) value value gain/ ( lo ss)

RVA 2009 786

RVA 2010 548 558

RVA 2011 46 49

RVA 2012 753 475

RVA 2013 1 330 1 331

RVA 2014 928

RVA 2015 399

3 076 4 127

RVA 2014 1 563

RVA 2015 930

930 1 563

T o tal 4 006 2 619 1 387 5 690 2 619 3 071

RVA 2009 6 242 4 167 ( 2 075)

RVA 2010 6 372 4 178 ( 2 194) 250 86 ( 164)

RVA 2011 2 156 671 ( 1 485) 2 248 705 ( 1 543)

RVA 2012 3 461 1 197 ( 2 264) 3 950 1 377 ( 2 573)

RVA 2013 24 9 ( 15) 23 8 ( 15)

T o tal 12 013 6 055 ( 5 958) 12 713 6 343 ( 6 370)

Unrealized gain/(loss) ( 4 571) ( 3 299)

Treasury shares hedging the RVA options

P ro gram

Cost of outstanding options (premiums) not recognized in

shareholders' equity

Cost o f outstanding options (premiums) recognized in shareholders'

equity


The gain and (loss) recorded in making the shares available and in exercising the options, as well as in the corresponding hedge,

recorded in shareholders’ equity at June 30, 2015 and December 31, 2014 Proforma were as follows:

The cost of the share-based remuneration program is accrued in personnel costs, by corresponding entry to the “Other equity

instruments” caption, as required by IFRS 2 for share-based payment programs. The cost of the shares and option premiums, when

they are granted, is accrued on a straight-line basis from the beginning of the program (January 1) to the date they are made available

to the Employees/Directors.

The total cost of the share-based payment program recognized in the first half of 2015 and 2014 was as follows:

RVA 2008 50

RVA 2009 21

RVA 2010 ( 206)

RVA 2013 ( 879)

21 ( 1 035)

RVA 2008 ( 1 242)

RVA 2009 59 ( 59)

RVA 2010 ( 65) ( 425)

RVA 2011 ( 78) ( 122)

RVA 2012 ( 299) ( 731)

( 383) ( 2 579)

41 7

RVA2009 665

344 ( 3 607)

Gain-loss Program Jun. 30, 2015Dec. 31, 2014

Proforma

Premiums of options not exercised at the end of the program

Transaction costs/ Dividend devolution

Shares In making the shares available

Options In the exercise of options

Jun. 30, 15

Shares Options Total Shares Options Total

RVA 2009 ( 1) ( 1)

RVA 2010 5 5 8 32 40

RVA 2012 2 25 27 4 4

RVA 2013 248 104 352 752 811 1 563

RVA 2014 ( 418) ( 463) ( 881) 10 175 185

RVA 2015 307 399 706

Total 139 70 209 774 1 017 1 791

ProgramJun. 30, 14 Proforma


4.51. Capital Management

At June 30, 2015 and December 31, 2014 the Group had the following capital ratios calculated in accordance with the transitional

provisions of Directive 2013/36/EU and Regulation (EU) 575/2013, CRD IV / CRR, approved on June 26, 2013 by the European

Parliament and the Council of the European Union in force as of January 1, 2014.

Considering that the Bank adhered to the Special Regime of Deferred Tax Assets approved in the Shareholders’ General Meeting of

October 17, 2014 and the loss of supervision equivalence in Angola, both as from January 1, 2015, the Common Equity Tier 1 pro-

forma of BPI would be 10.2%.

Considering full implementation of the CRV IV/CRR rules, Banco BPI’s “fully implemented” Common Equity Tier 1 at June 30, 2015 was

9.1%. At December 31, 2014 the “fully implemented” Common Equity Tier 1, considering the Special Deferred Tax Assets Regime and

loss of the supervision equivalence in Angola, would be 8.6%. Dividend policy

As from the amendment to the articles of association of Banco BPI approved in the Shareholders’ General Meeting held on April 20,

2006, the following rule was included (Article 26 item 3): "The Shareholders’ General Meeting should decide on the long term dividend

policy by proposal of the Board of Directors which should justify possible deviations from that policy."

In complying with this statutory rule, the Shareholders’ General Meeting held on April 19, 2007 approved the Long Term Dividend Policy

of Banco BPI, the main guideline being to distribute an annual dividend of not less than 40% of consolidated net income for the year,

except in special circumstances.

The Policy referred to in the previous paragraph was temporarily limited by item 6.4. of the Recapitalization Plan approved in the

Shareholders’ General Meeting held on June 27, 2012, in which the Board of Directors indicated that there would be no dividends or

reserve distributions until the hybrid instruments to be issued in the recapitalization plan had been entirely repaid, as well, in the same

way, as item 11.1. A) of the Terms and Conditions of the Core Tier 1 Capital Instruments Subscribed for by the State approved by Order

of the Portuguese Minister of State and Finance 8840-A/2012.

Accounting Capital 1 2 308 797 2 290 482

Potential gains on fair value reserve 4 959 ( 3 783)

Eligible minority interests 354 864 308 378

Actuarial deviations ( 58 013) ( 58 558)

Deferred tax assets arising from tax losses ( 30 991) ( 14 879)Loans granted for acquisition if shares and intangible assets ( 12 701) ( 6 971)

Investment in banking and insurance institutions ( 38 026) ( 27 178)

Negative Additional Tier I ( 61 968)

Common Equity Tier 1 2 528 890 2 425 523

Additional Tier 1 48 076Total Equity 2 576 966 2 425 523

Risk-weighted assets 24 045 369 20 602 267

Common Equity Tier 1 10.5% 11.8%Tier 1 10.7% 11.8%Total Ratio 10.7% 11.8%

1 Excluding fair value reserve and actuarial deviations.

Jun. 30, 15 Dec. 31, 14


4.52. Related parties In accordance to IAS 24, the entities considered to be related to Banco BPI are:

Those in which the Bank has direct or indirect significant influence in decisions relating to their financial and operating policies –

Associated and jointly controlled companies and pension funds;

Entities that have direct or indirect significant influence on the management and financial policies of the Bank – Shareholders,

assuming that this happens when the equity interest exceeds 20%.

Key management personnel of Banco BPI, considering for this purpose executive and non-executive members of the Board of

Directors and individual persons and companies associated to them.

The BPI Group’s related parties at June 30, 2015 were as follows:

Effective DirectName of related entity Head Office participation participationAssociated and jointly controlled entities of Banco BPI

Banco Comercial e de Investimentos, S.A.R.L. Mozambique 30.0% 30.0%Companhia de Seguros Allianz Portugal, SA Portugal 35.0% 35.0%Cosec - Companhia de Seguros de Crédito, SA Portugal 50.0% 50.0%Inter-Risco – Sociedade de Capital de Risco, S.A. Portugal 49.0%Unicre - Instituição Financeira de Crédito, SA Portugal 21.0% 21.0%

Pension funds of Employees and Directors of the BPI Group Fundo de Pensões Banco BPI Portugal 100.0% Fundo de Pensões Aberto BPI Acções Portugal 10.8% Fundo de Pensões Aberto BPI Valorização Portugal 43.3% Fundo de Pensões Aberto BPI Segurança Portugal 26.1% Fundo de Pensões Aberto BPI Garantia Portugal 9.8%

Shareholders of Banco BPI Grupo La Caixa Spain 44.1%

Members of the Board of Directors of Banco BPI Artur Santos Silva Fernando Ulrich Alfredo Rezende de Almeida Allianz Europe Ltd. - that appointed Carla Bambulo as representative to act in her own name António Domingues António Lobo Xavier

Antonio Massanell Lavilla 1

Armando Leite de Pinho Carlos Moreira da Silva Edgar Alves Ferreira Isidro Fainé Casas Ignacio Alvarez-Rendueles João Pedro Oliveira e Costa José Pena do Amaral Manuel Ferreira da Silva Marcelino Armenter Vidal Maria Celeste Hagatong Mário Leite da Silva Pedro Barreto Santoro Finance – Prestação de Serviços, S.A. Tomaz Jervell

Vicente Tardio Barutel 1

1 Awaiting registration by BdP.


The total assets, liabilities and off-balance sheet responsibilities relating to operations with associated and jointly controlled companies

and pension funds of employees of the BPI Group at June 30, 2015 were as follows:

Associated and jointly controlled

companies

Pension funds of Employees of the

BPI Group TotalAssets

Financial applications 20 469 20 469Financial assets held for trading and at fair value through profit or loss 150 150Loans 46 46Other assets 9 864 222 10 086

30 379 372 30 751Liabilities

Deposits and technical provisions 15 583 172 211 187 794Resources of other credit institutions 1 088 1 088Provisions 40 40Other financial resources 60 078 60 078Other liabilities 47 47

16 758 232 289 249 047Off balance sheet items

Guarantees given and other contingent liabilitiesGuarantees and sureties 11 835 11 835

Commitments to third partiesRevocable commitments 3 112 3 112

Responsabilities for services renderedDeposit and safeguard of assets 1 098 338 1 128 027 2 226 365

1 113 285 1 128 027 2 241 312


The total assets, liabilities and off balance sheet responsibilities relating to operations with shareholders, members of the Board of

Directors and companies in which members of the Board of Directors have significant influence at June 30, 2015 are as follows:

1 Includes the La Caixa Group headed up by the Fundação Bancária La Caixa, comprising the companies it controls. 2 Includes the Members of the Board of Directors, also including: (i) Allianz Europe Ltd, the companies that control it, including Allianz SE, and the

companies controlled by it, except Allianz Portugal, which was considered in associated companies; and (ii) Santoro Financial Holdings, SGPS, as it is the

sole shareholder of Santoro Finance, Mrs. Isabel José dos Santos, as shareholder of Santoro Financial Holdings, SGPS to whom, under the terms of

paragraph b) item 1 of article 20 and article 21 of the Portuguese Securities Code, the investment of Santoro Finance in Banco BPI is attributed, and the

companies controlled by Mrs. Isabel José dos Santos. 3 Includes the companies in which the Members of the Board of Directors have significant influence not included in other categories.

Shareholders of

Banco BPI 1

Members of the Board of Directors

of Banco BPI 2

Companies in which Members of

the Board of Directors of Banco

BPI have significant

influence 3 TotalAssets

Financial applications 177 094 177 094Financial assets held for trading and at fair value through profit or loss 1 500 6 020 880 8 400Financial assets available for sale 88 49 877 57 836 107 801Loans 15 676 147 389 218 109 381 174Derivatives 10 10Others 243 1 1 245

194 601 203 287 276 836 674 724Liabilities

Financial liabilities held for trading and derivatives 141 141Deposits and technical provisions 444 400 626 12 839 413 909Resources of other credit institutions 1 854 1 854Provisions 51 287 167 505Debt securities 31 31Other liabilities 2 107 109

2 492 401 051 13 006 416 549Off balance sheet items

Guarantees given and other contingent liabilitiesGuarantees and sureties 31 222 61 223 66 336 158 781

Guarantees received 5 657 10 479 16 136Commitments to third parties

Irrevocable commitments 23 500 23 500Revocable commitments 208 3 881 34 104 38 193

Responsabilities for services renderedDeposit and safeguard of assets 654 027 1 830 438 112 584 2 597 049Others 53 400 53 400

Foreign exchange operations and derivatives instrumentsPurchases 39 220 1 250 40 470Sales ( 38 935) ( 1 250) ( 40 185)

685 742 1 901 199 300 403 2 887 344


The total assets, liabilities and off balance sheet responsibilities relating to operations with associated and jointly controlled companies

and pension funds of employees of the BPI Group at December 31, 2014 are as follows:

Associated and jointly

controlled companies

Pension funds of Employees of

the BPI GroupTotal

AssetsFinancial applications 3 095 3 095Financial assets held for trading and at fair value through profit or loss 153 153Loans 18 118 18 118Other assets 19 254 243 19 497

40 467 396 40 863Liabilities

Deposits and technical provisions 37 022 146 451 183 473Debt securities 2 526 2 526Other f inancial resources 60 072 60 072Other liabilities 63 63

37 085 209 049 246 134Off balance sheet items

Guarantees given and other contingent liabilitiesGuarantees and sureties 10 881 10 881

Commitments to third partiesRevocable commitments 3 069 3 069

Responsabilities for services renderedDeposit and safeguard of assets 1 124 084 977 445 2 101 529

1 138 034 977 445 2 115 479





the BPI Group TotalIncome

Net interest income 74 ( 837) ( 763)Net fees and commissions 20 518 20 518General and administrative expenses ( 371) ( 8 084) ( 8 455)

Impairment losses and provisions for loans and guarantees, net

( 3) ( 3)

20 218 ( 8 921) 11 297

The total assets, liabilities and off balance sheet responsibilities relating to operations with shareholders, members of the Board of

Directors and companies in which members of the Board of Directors have significant influence at December 31, 2014 are as follows:

1 Includes the La Caixa Group. 2 In individual name. 3 Includes the companies in which the Members of the Board of Directors have significant influence not included in other categories.

Total income and costs relating to operations with associated and jointly controlled companies and pension funds of employees of the

BPI Group at June 30, 2015 are as follows:

Shareholders of Banco BPI 1

Members of the Board of

Directors of Banco BPI 2

Companies in which Members

of the Board of Directors of

Banco BPI have significant influence 3 Total

AssetsFinancial applications 96 919 96 919Financial assets held for trading and at fair value through profit or loss 4 469 9 229 13 698Financial assets available for sale 88 59 851 59 939Loans 847 11 008 300 390 312 245Others 9 306 9 306

111 629 11 008 369 470 492 107Liabilities

Deposits and technical provisions 8 855 9 566 11 566 29 987Provisions 75 1 473 549Debt securities 384 516 900Other liabilities 25 104 129

8 930 9 976 12 659 31 565Off balance sheet items

Guarantees given and other contingent liabilitiesGuarantees and sureties 30 109 123 127 847 158 079

Commitments to third partiesRevocable commitments 8 399 119 579 119 986

Responsabilities for services renderedDeposit and safeguard of assets 659 167 22 042 283 503 964 712Others 43 800 43 800

Foreign exchange operations and derivatives instruments

Purchases 500 411 2 499 502 910Sales ( 491 121) ( 2 499) ( 493 620)

698 574 22 564 574 729 1 295 867





the BPI Group TotalIncome

Net interest income 29 ( 984) ( 955)Net fees and comissions 19 267 5 19 272General and administrative expenses ( 184) ( 8 238) ( 8 422)

19 112 ( 9 217) 9 895

Total income and costs relating to operations with shareholders, members of the Board of Directors and companies in which members

of the Board of Directors have significant influence at June 30, 2015 are as follows:

1 Includes the La Caixa Group headed up by the Fundação Bancária La Caixa, comprising the companies it controls. 2 Includes the Members of the Board of Directors, also including: (i) Allianz Europe Ltd, the companies that control it, including Allianz SE, and the

companies controlled by it, except Allianz Portugal, which was considered in associated companies; and (ii) Santoro Financial Holdings, SGPS, as it is the

sole shareholder of Santoro Finance, Mrs. Isabel José dos Santos, as shareholder of Santoro Financial Holdings, SGPS to whom, under the terms of

paragraph b) item 1 of article 20 and article 21 of the Portuguese Securities Code, the investment of Santoro Finance in Banco BPI is attributed, and the

companies controlled by Mrs. Isabel José dos Santos. 3 Includes the companies in which the Members of the Board of Directors have significant influence not included in other categories.

Total income and costs relating to operations with associated and jointly controlled companies and pension funds of employees of the

BPI Group at June 30, 2014 are as follows:

Total income and costs relating to operations with shareholders, members of the Board of Directors and companies in which members

of the Board of Directors have significant influence at June 30, 2014 are as follows:

1 Includes the La Caixa Group. 2 In individual name. 3 Includes the companies in which the Members of the Board of Directors have significant influence not included in other categories.







IncomeNet interest income 351 ( 23) 161 489Net fees and commissions 6 43 49Net income on financial operations 35 35

386 ( 17) 204 573







IncomeNet interest income 756 ( 239) 88 605Net fees and commissions 174 10 184

Impairment losses and provisions for loans and guarantees, net

( 13) ( 28) ( 951) ( 992)

743 ( 93) ( 853) ( 203)


EMPLOYEE REMUNERATION AND OTHER BENEFITS

Indication of the annual amount of remuneration received, in aggregate and individually, by the members of the Company’s

management body, by the Company, including fixed and variable remuneration and, in relation to this, mention of the different

components that gave rise to it.

In the first half of 2015 the fixed remuneration of the members of the Board of Directors amounted to 1 611 458 euro.

To this should be added, specifically as regards fixed remuneration of the members of the Executive Commission, 18 859 euro relating

to seniority and, in the case of non-executive members, 111 000 euro relating to attendance allowance for their participation in meetings

of the advisory and support committees of the Board of Directors as established in the statutes.

The individual amounts were as follows:

Amounts in euro

Board of Directors Fixed

Remuneration Variable Remuneration

2013 1

Attendance Allowance

Seniority Payments

Long Service Premiums

Artur Santos Silva 63 000 n/a 18 500 n/a n/a

Fernando Ulrich 231 000 61 354 n/a 3 601 0

António Domingues 211 750 56 241 n/a 2 770 0

Alfredo Rezende 24 500 n/a 14 800 n/a n/a

António Farinha de Morais n/a 43 320 n/a n/a 0

António Lobo Xavier 24 500 n/a n/a n/a n/a

Armando Leite de Pinho 24 500 n/a 3 700 n/a n/a

Carla Sofia Bambulo 20 708 n/a 3 700 n/a n/a

Carlos Moreira da Silva 24 500 n/a 3 700 n/a n/a

Edgar Alves Ferreira 24 500 n/a 14 800 n/a n/a

Ignacio Alvarez Rendueles 24 500 n/a 14 800 n/a n/a

Isidro Fainé Casas 24 500 n/a n/a n/a n/a

João Pedro Oliveira Costa 163 100 n/a n/a 1 939 0

José Pena do Amaral 163 100 43 320 n/a 2 770 0

Manuel Ferreira da Silva 163 100 43 320 n/a 2 770 0

Maria Celeste Hagatong 163 100 43 320 n/a 2 770 0

Vicente Tardio Barutel 24 500 n/a 3 700 n/a n/a

Marcelino Armenter 24 500 n/a 18 500 n/a n/a

Mário Leite da Silva 24 500 n/a 11 100 n/a n/a

Pedro Barreto 163 100 43 320 n/a 1 939 0

Tomaz Jervell 24 500 n/a 3 700 n/a n/a

Considering that:

A. The national legal provisions applicable to the recapitalization operation of Banco BPI carried out in June 2012 established

limitations to the remuneration of the members of the Board of Directors and Supervisory Body of Banco BPI. Such limitations

were essentially:

The imposition of a reduction of the aggregate amount of remuneration of the members of the Board of Directors

and Supervisory Body to 50% of the average remuneration paid to those bodies in 2010 and 2011;

The prohibition of payment of variable remuneration to the members of the Executive Committee of the Board of

Directors.

On the other hand, the Commitments made to the European Commission, which led to its consideration as consistent with the

internal market of public aid granted, included the remuneration provisions set out in the Corporate Governance Report.

1 Variable remuneration attributed in 2015, relating to 2013, the payment of which was subject to the Deferral Period and existence of the Condition of

Access to Deferred Remuneration, that was paid in 2015 as a result of the time period, of the occurrence of the condition of access and of the restitution, as explained above.


B. In the framework and implementation of the discipline referred to in the preceding paragraph:

(i) The Banco BPI recapitalization plan, approved by the Shareholders’ General Meeting held on June 27, 2012 provided

exceptions to the remuneration policy in force, in order to apply the above reductions in remuneration and prohibit the

payment of variable remuneration to the members of the Executive Committee of the Board of Directors;

(ii) The decision of the Remuneration Committee of June 26, 2012 established, under the opinion of the Nomination,

Remuneration and Admission Committee, the new remuneration of the members of the Board of Directors and

Supervisory Board (including attendance fees), to be applied as from July 1, 2012;

(iii) The remuneration policy approved by the Shareholders’ General Meeting held on April 23, 2014, for the 2014/2016

period foresaw and maintained the exceptions mentioned in B (i).

C. Both the recommendation of the Remuneration Committee mentioned in B (ii) and the Remuneration Policy for the 2014/2016

period mentioned in B (iii), included the following recommendations:

(i) The recommendation that following the proposal of the Nomination, Remuneration and Admission Committee, the

performance evaluation of the members of the Executive Committee of the Board of Directors and determination of

their variable remuneration by applying the Remuneration Policy rules should continue to be made annually, the

payment of such amount being subject to a decision of the Remuneration Committee then in office and to take office

after full repayment of the public investment;

(ii) The recommendation, again dependent on a decision of the Remuneration Committee then in office, after full

repayment of the public investment, that the members of the Board of Directors, members of the Executive Committee

of the Board of Directors and members of the Supervisory Board be paid the amounts corresponding to the reduction

of their fixed remuneration due to the limitations imposed by the recapitalization operation, updated at the rate

established under the Collective Vertical Labour Agreement for the Banking Sector for level 18 remuneration.

D. The limitations on remuneration as the result of the recapitalization operation mentioned above ceased as from June 25,

2014, when the public investment associated with the recapitalization operation was fully repaid.

E. The positive decision of the Nomination, Remuneration and Admission Committee to the Remuneration Committee relating to

the performance of the members of the Executive Committee of the Board of Directors in 2012 and determination of the

amount of variable remuneration which it believes should be attributed to them for their performance in that year.

The Remuneration Committee made the following decisions on September 3, 2014:

a) Following the recommendation made in C. (ii), and considering the performance in the period in which there was public

investment (second half of 2012, 2013 and first half of 2014), approved the payment to the members of the Board of

Directors and members of the Supervisory Board who were in office during that period of the amounts corresponding to

the reduction of their fixed remuneration in that period resulting from the limitations imposed by the recapitalization

operation;

b) Following the recommendation mentioned in C (i), and considering the opinion of the Nomination, Remuneration and

Admission Committee, approved the payment to the members of the Executive Committee of the Board of Directors who

were in office in 2012 the amount of their variable remuneration applicable as if no limitations were applied due to the

recapitalization operation, in the overall amount of 1% of the consolidated net profit for 2012.

Any amounts paid by other companies in a control or group relationship or who are subject to common domain.

With the exception of the Director Manuel Ferreira da Silva, for which part – in the amount of 125 095 euro – of the fixed remuneration

referred to in the preceding paragraph was paid by Banco Português de Investimento, S.A., no other member of the Executive

Committee received any remuneration from a Group company other than Banco BPI.

Remuneration paid in the form of participation in profits and/or payments of bonuses and the reasons why such bonus payments and/or

participation in profits were granted.

As a result of approval by the Remuneration Committee of the payment to members of the Executive Committee, that were in office in

2013, of the variable remuneration to which they were entitled for that year, as explained earlier, 50% of that amount was, under the

terms of the Remuneration Policy in force and according to the RVA rules, attributed through Banco BPI shares and/or options, the

payment of which is subject to a deferral period and to the existence of conditions of access to deferred remuneration. The breakdown

of deferred RVA remuneration by the members of the Executive Commission and the respective granting and exercise price were as

follows:


Compensation paid or owed to former executive directors in respect of early termination of service during the year.

In the first half 2015 no payments were made for early termination.

Indication of the annual amount of remuneration received, in total and individually, by the members of the supervisory board of the

Company for purposes of Law 28/2009 of June 19.

In the first half of 2015, the total remuneration of the members of the Supervisory Board was 99 400 euro. The amounts earned

individually were as follows:

Supervisory Board Remuneration Amounts in euro

Supervisory Board Fixed Remuneration

Regular

Abel Reis 36 400

Jorge Figueiredo Dias 31 500

Rui Guimarães 31 500

Remuneration of the Chairman of the Shareholders’ General Meeting Committee

In the first half 2015 the overall remuneration for exercising the function of Chairman of the Shareholders’ General Meeting

Committee was 7 000 euro, paid in 7 instalments.

The members of the Shareholders’ General Meeting Committee do not benefit, as a result of this circumstance, from any retirement

entitlement.

Pensions of the executive members of the Board of Directors

At June 30, 2015 the Directors covered by the defined benefits pension plan and the plan’s liability, were as follows: Current Retired Total

Number of persons 7 4 11

Liability (t.euro) 17 119 11 966 29 085

Adding the amounts relating to other individuals that are current or former Directors of the Banks in the BPI Group and that benefit from

a defined benefit pension plan to the figures presented in the table above, the table is as follows: Current Retired Total

Number of persons 14 9 23

Liability (t.euro) 26 311 18 289 44 600

In December 2006 the liability for retirement and survivor pensions under a defined benefit pension regime for Directors of the BPI

Group’s banks was transferred to an open-ended pension fund (Fundo de Pensões BPI Valorização).

The pension rights acquired in the first half of 2015 by the members of the Executive Committee relating to old age retirement pensions

amounted to 50 120 euro.

Loans to members of the Board of Directors

Mortgage loans

At June 30, 2015 the overall balance of mortgage loans granted to members of the Executive Committee of the Board of

Directors for the purpose of acquiring their own homes amounted to 2 012 t. euro.

Credit lines for the exercise of RVA options and subscriptions of BPI shares in the capital increase realised in 2008

Banco BPI’s executive Directors (as well as its employees) benefit from a credit line for the acquisition and maintenance

in portfolio of BPI shares resulting from the exercise of options awarded under the RVA scheme. At June 30, 2015, the balance of credit

given to the members of Banco BPI’s Executive Committee was 6 302 t. euro.

In 2008 a credit line was made available to the Directors of the Group companies (as well as to employees and retirees) who

wished to subscribe for BPI shares in the capital increase to keep in the portfolio of shares thus acquired. At June 30, 2015 the credit

line balance relating to the members of Banco BPI’s Executive Committee was 971 t. euro.


Credit lines for the exercise of RVA options and subscription for BPI shares in the 2008 capital increase Balance at June 30, 2015

Credit line for the exercise of options 1

Credit line for subscription for BPI

shares

Banco BPI Executive Committee 5 331 971

Directors of Banco Português de Investimento2 101 39

Managers and other employees 2 109 273

Total 7 541 1 282

Employee remuneration and other benefits

The information provided in this section has the objective of complying with the requirements of Bank of Portugal Notice 10/2011, and refers to

the employees who meet certain of the following criteria corresponding to those set out in article 1(2)(a) to (c) of the aforesaid Notice:

a) perform functions with responsibility for the assumption of risks on behalf of the institution or its customers, with a material impact on the

institution’s risk profile, which includes employees who have regular access to privileged information and participate in decisions on the

institution’s management and business strategy;

b) perform the control functions covered by Bank of Portugal Notice 5/2008 (compliance, audit and risk control).

In applying the above-mentioned criteria and solely to restrict the employees to which the information to be provided to pursuant to

article 17 of Notice 10/201, it was considered that the relevant employees correspond to those of the Remuneration Policy of Managers

mentioned in the section 3.2 of the Governance Report of the BPI Group, namely:

- employees considered as “managers” for purposes of the provisions of article 248º-B of the Portuguese Securities Code;

- employees that occupy first and second tier positions in departments which perform control functions.

In the first half 2015, the universe defined above encompassed 24 employees.

In the first half of 2015, the remuneration paid to the above totalled 2 584 thousand euro split between fixed remuneration of

1 300 thousand euro, long service premium of 3 thousand euro and variable remuneration of 1 281 thousand euro. The fixed

remuneration includes 41 thousand euro relating to seniority payments.

In the first half of 2015 the aggregate amount of annual pension rights acquired by the employees under review was 1 386 thousand

euro.

The breakdown of the remuneration and pension rights indicated above between the above-mentioned two groups was the

following:

Amounts in euro

Control functions

Other functions

Employees 12 12

Fixed remuneration 473 444 826 072

Variable remuneration 949 363 331 407

Long service premium 3 167

Total remuneration 1 422 807 1 160 646

Pension rights acquired 515 603 870 648

There is no deferred remuneration (not paid) awarded to the above group of employees.

There is no deferred remuneration due, paid or subject to reduction as a result of the adjustment introduced based on individual

performance.

No new employees were recruited in the first half of 2015 who fall within this group.

No payments were made in the first 2015 for early termination of employment contracts.

1 Financing obtained for keeping in the portfolio of BPI shares resulting from the exercise of the RVA options. 2 Excluding members from the Executive Committee of the Board of Directors of Banco BPI.


In accordance with the terms of article 477 of the Commercial Company Code (Código das Sociedades Comerciais), the shareholdings of the members of the Board of Directors at June 30, 2015

were as follows:

A - Shares which at June 30, 2015 were pledged in guarantee of loans to finance their acquisition resulting from the exercise of options granted under the RVA program.

B - Shares which at June 30, 2015 were pledged in guarantee of loans to finance their acquisition resulting from exercise of BPI share subscription rights under the capital increase.

C - Shares which at June 30, 2015 were pledged in guarantee for purposes of article 396 of the Commercial Company Code (Código das Sociedades Comerciais).

D - Amount owed at June 30, 2015 on the loan referred to in A.

E - Amount owed at December 31, 2014 on the loan referred to in B. 1 Includes securities held by their spouses. 2 Fair value of the shares. 3 Member of the Executive Committee. 4 Submitted his resignation on June 25, 2015, effective as from July 29.

Shares1

Purchases

Sales

Artur Santos Silva 500 000 500 000 509Fernando Ulrich 3 2 092 180 2 092 180 2 130 1 585 040 348 510 4 173 719Alfredo Rezende de Almeida 2 250 000 2 250 000 2 291António Domingues 3 56 042 56 042 57António Lobo XavierArmando Costa Leite de PinhoCarla BambuloCarlos Moreira da Silva 66 333 66 333 68Edgar Alves Ferreira 227 273 227 273 231Ignacio Alvarez-RenduelesIsidro Fainé CasasJoão Pedro Oliveira e Costa 3 10 708 10 708 11José Pena do Amaral 3 184 913 184 913 188 132 231 169António Massanel Lavilla 4

Manuel Ferreira da Silva 3 930 884 930 884 948 300 000Marcelino Armenter VidalMaria Celeste Hagatong 3 885 151 885 151 901 171 110 48 815 375 99Mário Leite da SilvaPedro Barreto 3 500 000 500 000 509 378 399 94 600 615 154Tomaz Jervell 15 680 15 680 16Vicente Tardio Barutel

Loans D

Loans E

Shares pledged in guarantee

CHeld at Dec.

31, 14Held at

Jun. 30, 15


A


BValue at

Jun. 30, 152


In accordance with the terms of article 477 of the Commercial Company Code (Código das Sociedades Comerciais), the shareholder position of the members of the Board of Directors in terms of

options held at June 30, 2015 was as follows:

1 Includes securities held by their spouses.

2 Includes extinction by lapsing.

3 Member of the Executive Committee.

4 Submitted his resignation on June 25, 2015, effective as from July 29.

Options1

Purchases Exercise2

Artur Santos SilvaFernando Ulrich 3

Alfredo Rezende de AlmeidaAntónio Domingues 3 426 820 426 820António Lobo XavierArmando Costa Leite de PinhoCarla BambuloCarlos Moreira da SilvaEdgar Alves FerreiraIgnacio Alvarez-RenduelesIsidro Fainé CasasJoão Pedro Oliveira e Costa 3 127 249 127 249José Pena do Amaral 3 358 530 358 530António Massanel Lavilla 4

Manuel Ferreira da Silva 3 557 256 154 355 402 901Marcelino Armenter VidalMaria Celeste Hagatong 3

Mário Leite da SilvaPedro Barreto 3 667 237 308 707 358 530Tomaz JervellVicente Tardio Barutel

Held at Dec. 31, 14

Held at Jun. 30, 15


In accordance with the terms of article 477 of the Commercial Company Code (Código das Sociedades Comerciais), the shareholding position of the other directors of Banco BPI, members of the

Board of Directors of Banco Português de Investmento, in terms of the shares held at June 30, 2015 was as follows:

A - Shares attributed under the RVA program, the availability of which at June 30, 2015 is subject to a resolution condition.

B - Shares which at June 30, 2015 were pledged in guarantee of loans to finance their acquisition resulting from the exercise of options granted under the RVA program.

C - Shares which at June 30, 2015 were pledged in guarantee of loans to finance their acquisition resulting from exercise of BPI share subscription rights under the capital increase.

D - Shares which at June 30, 2015 were pledged in guarantee for purposes of article 396 of the Commercial Company Code (Código das Sociedades Comerciais).

E - Amount owed at June 30, 2015, on the loan referred to in B.

F - Amount owed at June 30, 2015, on the loan referred to in C. 1 Fair value of the shares.

In accordance with the terms of article 477 of the Commercial Company Code (Código das Sociedades Comerciais), the shareholding position of the other directors of Banco BPI, members of the

Board of Directors of Banco Português de Investimento, in terms of the options held at June 30, 2015 was as follows:

1 Includes extinction by lapsing

Purchases Sales

Alexandre Lucena e Vale 155 308 155 308 158 40 594 18 694 101 39Fernando Costa Lima 81 124 81 124 83José Miguel Morais Alves 35 517 35 517 36 4 487


D

Shares

Loans F

Unavailable shares

A


B


CLoans

E

Value at

Jun. 30, 151Held at Dec.

31, 14Held at Jun.

30, 15

Options

Purchases Exercise1

Alexandre Lucena e Vale 121 305 121 305Fernando Costa Lima 251 793 55 127 196 666José Miguel Morais Alves 119 074 119 074

Held at Dec. 31, 14

Held at Jun. 30, 15


In accordance with the terms of article 477 of the Commercial Company Code (Código das Sociedades Comerciais), the shareholding position of the other directors of Banco BPI, in terms of shares

and options held at June 30, 2015 was as follows:

1 Includes securities held by their spouses. 2 Fair value of shares. 3 Includes extinction by lapsing.

Options1

Purchases Sales Purchases Exercise3

Manuel Maria Meneses 114 179 114 179 116 103 801 61 099 42 702Francisco Xavier Avillez 200 001 200 001 204 314 410 314 410Susana Trigo Cabral 38 181 38 181 39Luis Ricardo Araújo 70 000 70 000 71 222 557 33 689 188 868Graça Graça Moura 40 228 40 228 41Ana Rosas Oliveira 22 098 22 098 22 51 306 51 306João Avides Moreira 20 892 20 892 21 96 879 15 313 81 566

Held at Dec. 31, 14

Held at Jun. 30, 15

Shares1

Held at Dec. 31, 14

Held at Jun. 30, 15

Value at Jun. 30, 152


Artur Santos Silva

Has not traded any shares.

Fernando Ulrich


At June 30, 2015 his spouse held 58 724 Banco BPI shares

Alfredo Rezende de Almeida


António Domingues


António Lobo Xavier

Does not hold and has not traded any Banco BPI shares.

António Massanell Lavilla


Resigned on June 25, 2015.

Is Vice-President of CaixaBank, S.A.

For further information about the changes and participation of CaixaBank, S.A. in Banco BPI’s capital, see the information below

concerning the member Isidro Fainé Casas.

Armando Costa Leite de Pinho


At June 30, 2015, Arsopi – Holding, SGPS, S.A., of which he is President of the Board of Directors. owned 2 942 267 Banco BPI

shares.

At June 30, 2015, ROE, SGPS, S.A., of which he is President of the Board of Directors, owned 4 442 291 Banco BPI shares.

At June 30, 2015, Security, SGPS, S.A., of which he is President of the Board of Directors, owned 3 414 404 Banco BPI shares.

Carla Bambulo


At June 30, 2015, Allianz Europe, Ltd, owned 120 553 986 Banco BPI shares.


Carlos Moreira da Silva


Edgar Alves Ferreira


At June 30, 2015, Violas Ferreira Financial, S.A., of which he is a member of the Board of Directors, owned 38 836 119 Banco BPI

shares.

Ignacio Alvarez Rendueles


Is Executive Director at CaixaBank, S.A..

For further information about the transactions and participation of Caixa Bank, S.A. in Banco BPI’s capital, see the information below

concerning the member Isidro Fainé Casas.

Isidro Fainé Casas


Is President of Patronato de la Fundacion Bancaria Caixa d’Estalvis i Pensiones de Barcelona “la Caixa” and President of Criteria

CaixaHolding, S.A., which controls CaixaBank, S.A., and is also President of CaixaBank, S.A.

At June 30, 2015 Caixa Bank, S.A. owned a total of 642 462 536 Banco BPI shares.

João Pedro Oliveira e Costa


José Pena do Amaral


Manuel Ferreira da Silva


On March 11, 154 335 call options over Banco BPI shares relating to the 2009 RVA program lapsed.

On June 30, 2015 his spouse held a total of 260 884 shares and 44 371 purchase options of Banco BPI shares. Marcelino Armenter Vidal


Is the Executive Deputy General Director of Criteria Caixa-Holding, S.A., which has control over Caixa Bank, S.A.

For further information about the transactions and participation of Caixa Bank, S.A. in Banco BPI’s capital, see the above information

concerning the member Isidro Fainé Casas. Maria Celeste Hagatong


At June 30, 2015 her husband held 407 316 shares.


Mário Leite da Silva


Is President of the Board of Directors of Santoro Finance – Prestação de Serviços, S.A. and President of the Board of Directors of

Santoro Financial Holdings, SGPS, S.A. which has full control over it.

At June 30, 2015 Santoro Finance – Prestação de Serviços, S.A. owned 270 643 372 Banco BPI shares.

Pedro Barreto



Tomaz Jervell


At June 30, 2015 Norsócia, SGPS, S.A. of which he is a member of the Board of Directors owned 11 050 105 Banco BPI shares.

Vicente Tardio Barutel


Alexandre Lucena e Vale


Fernando Costa Lima



José Miguel Morais Alves


Manuel Maria Meneses



Francisco Xavier Avillez


Susana Trigo Cabral


Luís Ricardo Araújo



Graça Graça Moura


At June 30, 2015 her husband owned 27 677 Banco BPI shares.


Ana Rosas Oliveira


At June 30, 2015 her husband held 4 659 Banco BPI shares and 7 871 options on Banco BPI shares.

João Avides Moreira

Has not traded any shares


4.53. Subsequent events Resolution Fund

In accordance with a communication of the Bank of Portugal dated August 3, 2014, it was decided to apply a resolution measure to

Banco Espírito Santo, S.A., which consists of the transfer of most of its business to a transition bank, called “Novo Banco”, created

especially for that purpose. In accordance with the community norm, capitalization of “Novo Banco” is ensured by the Resolution Fund,

created by Decree-Law 31-A / 2012 of February 10. As provided for in the Decree-Law, the Resolution Fund is resourced from payment

of contributions due by the institutions participating in the Fund and contribution from the banking sector. In addition, the Decree-Law

provides that if such resources are insufficient for fulfillment of its obligations other financing means can be used, such as: (i) special

contributions from credit institutions; and (ii) loans granted.

In the specific case of the resolution measure relating to Banco Espírito Santo, S.A., the Resolution Fund provided 4.9 thousand million

euro to pay up the share capital of “Novo Banco”. Of this amount, 377 million euro corresponds to the Resolution Fund’s own financial

resources, resulting from the contributions already paid by the participating institutions and from contributions of the banking sector. In

addition, a syndicated loan of 700 million euro was made to the Resolution Fund, with the contribution of each credit institution

depending on various factors, including their size. The participation of Banco BPI in this loan was 116.2 million euro. The remaining

amount needed to finance the resolution measure adopted came from a loan granted by the Portuguese State, which will subsequently

be repaid and remunerated by the Resolution Fund. When Novo Banco is sold the proceeds of the sale will be primarily assigned to the

Resolution Fund.

Up to the date of approval of the financial statements by the Board of Directors, Banco BPI has not had any information to enable it to

estimate with reasonable reliability the amounts potentially involved on the sale of Novo Banco. For the same reason, it is not possible

to estimate with reasonable reliability whether, as result of this sale process, there will be a possible insufficiency of resources in the

Resolution Fund and, if applicable, how it will be funded.

Therefore, at this time it is not possible to assess the possible impact of this matter on Banco BPI’s financial statements, since potential

losses to be incurred depend on the price at which Novo Banco will be sold and the measures that may be carried out by the Ministry of

Finance, in accordance with the responsibilities that are legally attributed to it.

Asset Quality Review (AQR)

In 2014 Banco BPI was one of the institutions subject to a full assessment of the euro area banking system (“Comprehensive

Assessment”), a process led by the European Central Bank, which consisted, among other things, of an asset quality review (AQR).

This component of the assessment had the objective of confirming the adequacy of the valuation of the assets, collateral and related

impairment, in order to improve the level of transparency relating to the exposures of the banks. This exercise focused on balance sheet

items considered to be of greater risk, selected according to a common methodology and following harmonized definitions, with the

objective of ensuring the greatest fairness possible between the various jurisdictions of the Single Supervisory Mechanism (SSM). The

adjustments made under this exercise were considered in the calculation of the main Tier 1 (CET 1) capital ratios adjusted as of

December 31, 2013, permitting effective comparison of all 130 European banks integrating SSM. In the case of Banco BPI, the outcome

of this exercise relating to the quality of the assets resulted in residual adjustments, corresponding to 0.12 p.p. of the CET 1 ratio at

December 31, 2013 calculated according to the EBA rules.


Regulation and supervision equivalence in Angola

In accordance with the statement published by Banco BPI on December 16, 2014, the European Commission published under, among

other provisions, paragraph 7 of Article 114 of Regulation (EU) 575/2013 of June 26, 2013 (CRR), the list of countries with regulations

and supervision equivalent to those of the European Union. The list includes 17 countries or territories and does not include the

Republic of Angola. Consequently, as from January 1, 2015 the indirect exposure in kwanzas of Banco BPI: (i) to the Angolan State1,

and (ii) to the Banco Nacional de Angola (BNA)2, is no longer considered, for the purpose of the calculation of Banco BPI’s capital

ratios, weighted for risk established in Angolan regulations for that type of exposure, and starts being considered weighted by risk

established in the CRR.

This means that as from January 1, 2015, the indirect exposure in kwanzas of Banco BPI to the Angolan State and the Banco Nacional

de Angola (BNA) is no longer weighted at 0% or 20% depending on the exposure, in the calculation of capital ratios, and started being

weighted at 100%.

Considering the fact that Banco BPI adhered to the Special Regime for Deferred Tax Assets and the implementation of new risk weights

for indirect exposure of Banco BPI to the Angolan State and BNA, the proforma Common Equity Tier 1 (CET1) ratios at December 31,

2014 would be:

CET1 “Phasing in” (rules applicable in 2014): 10.2% (2.0 p.p. lower than the ratio calculated considering the risk weights

currently used);

CET1 “fully implemented” (fully implemented rules): 8.6% (1.0 p.p. lower than the ratio calculated considering the risk weights

currently used).

The loss of regulatory and supervision equivalence in Angola also has the consequence of indirect exposure in kwanzas of Banco BPI

to the Angolan State and BNA (the latter with the exception of the minimum cash reserves) to be no longer exempt from application of

the limit to large exposures established in article 395 of the CRR. Termination of this exemption implies that the indirect exposure of

Banco BPI to the Angolan State exceeds, as from January 1, 2015, the limit to large exposures.

Banco BPI requested the European Central Bank (ECB) to approve a change of the consolidation method of BFA, in order to start

applying, for prudential purposes, the equity consolidation method, which the ECB has not received favorably.

Banco BPI is exploring solutions to accommodate the limit of large exposures resulting from the exposure of Banco de Fomento de

Angola to the Angolan State and to the Banco Nacional de Angola.

5. NOTE ADDED FOR TRANSLATION

These consolidated financial statements are a translation of financial statements originally issued in Portuguese in conformity with the

International Financial Reporting Standards as endorsed by the European Union, some of which may not conform to or be required by

generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

1 Angolan public debt securities held by Banco de Fomento Angola (BFA) and loans granted to the Angolan State by BFA. 2 Minimum cash reserves and other deposits and repos of BFA.

Statement

DECLARATION REFERRED TO IN ARTICLE 246 (1) C) OF THE SECURITIES CODE

Article 246 (1) (c) of the Securities Code prescribes that each one of the persons responsible for the company issues a declaration, the content of which is defined therein. The Members of the Executive Committee of Banco BPI’s Board of Directors, identified here by name, individually subscribe to the declaration transcribed as follows: “I declare in the terms and for the purposes for article 246 (1) (c) of the Securities Code that, to the best of my knowledge, the financial statements and the directors’ report of Banco BPI, S.A., relating to the 1st half of 2015, were prepared in conformity with the applicable accounting standards, giving a true and fair view of the assets and liabilities, the financial situation and the results of that company and of the companies included in the consolidation perimeter, and that the directors’ report contains an indication of the important events which occurred in the 1st half of 2015 and their impact on the respective financial statements, as well as a description of the principal risks and uncertainties for the six following months.” Fernando Ulrich (Chairman) António Domingues (Deputy-Chairman) José Pena do Amaral (Member) Maria Celeste Hagatong (Member) Manuel Ferreira da Silva (Member) Pedro Barreto (Member) João Pedro Oliveira e Costa (Member) 26 August 2015

Audit report prepared by an auditor registered at the Portuguese Securities Market Commission (CMVM)

AUDIT REPORT PREPARED BY AN AUDITOR REGISTERED AT THE PORTUGUESE SECURITIES MARKET COMMISSION (CMVM) ON THE

HALF YEAR CONSOLIDATED INFORMATION

(Amounts expressed in thousands of Euros – t. euro)

(Translation of a report originally issued in Portuguese – Note 5) Introduction 1. In compliance with the Portuguese Securities Market Code (Código dos Valores Mobiliários) we hereby

present our Audit Report on the consolidated financial information contained in the Directors’ Report and on the accompanying consolidated financial statements of Banco BPI, S.A. and subsidiaries (“the Bank”) for the six-month period ended June 30, 2015 which comprise the Consolidated Balance Sheet as of June 30, 2015 (that reflects total assets of 41,434,214 t. euro and total shareholders’ equity of 2,621,016 t. euro, including consolidated net income of 76,178 t. euro), the Consolidated Statements of Income, Comprehensive Income, Changes in Shareholders’ Equity and Cash Flows for the six-month period then ended and the corresponding Notes.

Responsibilities 2. The Board of Directors of the Bank is responsible for: (i) the preparation of consolidated financial statements

that present a true and fair view of the financial position of the companies included in the consolidation, the consolidated income and comprehensive income from their operations, the changes in their consolidated shareholders’ equity and their consolidated cash flows; (ii) the preparation of historical financial information in accordance with International Financial Reporting Standards as endorsed by the European Union, that is complete, true, timely, clear, objective and licit, as required by the Portuguese Securities Market Code; (iii) the adoption of adequate accounting policies and criteria and maintenance of appropriate systems of internal control; and (iv) the disclosure of any significant facts that have influenced the operations of the companies included in the consolidation, their financial position, their results or their comprehensive income.

3. Our responsibility is to examine the consolidated financial information contained in the documents of

account referred to above, including verifying that, in all material respects, the information is complete, true, timely, clear, objective and licit, as required by the Portuguese Securities Market Code, and to issue a professional and independent report based on our examination.

Scope 4. Our examination was performed in accordance with the auditing standards (“Normas Técnicas e Directrizes

de Revisão/Auditoria”) issued by the Portuguese Institute of Statutory Auditors (“Ordem dos Revisores Oficiais de Contas”), which require that the examination be planned and performed with the objective of obtaining reasonable assurance about whether the consolidated financial statements are free of material misstatement. This examination included verifying, on a sample basis, evidence supporting the amounts and disclosures in the financial statements and assessing the estimates, based on judgements and criteria defined by the Board of Directors of the Bank, used in their preparation. This examination also included verifying the consolidation procedures used, application of the equity method and verifying that the financial statements of the companies included in the consolidation have been adequately examined, assessing the adequacy of the accounting principles used, their uniform application and their disclosure, taking into consideration the circumstances, verifying the applicability of the going concern concept, assessing the adequacy of the overall presentation of the consolidated financial statements, and assessing if, in all material respects, the financial information is complete, true, timely, clear, objective and licit. Our examination also included verifying that the consolidated financial information included in the Directors’ Report is consistent with the other consolidated documents of account. We believe that the examination performed provides a reasonable basis for expressing our opinion.

Opinion 5. In our opinion, the consolidated financial statements referred to in paragraph 1 above present fairly, in all

material respects, the consolidated financial position of Banco BPI, S.A. and subsidiaries as of June 30, 2015, the consolidated income and comprehensive income from their operations, the changes in their consolidated shareholders’ equity and their consolidated cash flows for the six-month period then ended in conformity with the International Financial Reporting Standards as endorsed by the European Union and the financial information included therein is, in terms of the definitions included in the standards referred to in paragraph 4 above, complete, true, timely, clear, objective and licit.

Report on other legal requirements 6. It is also our opinion that the financial information included in the consolidated Directors’ Report is

consistent with the consolidated financial statements for the six-month period ended June 30, 2015. Lisbon, August 31, 2015 Deloitte & Associados, SROC S.A. Represented by António Marques Dias

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